The Stock Exchange of Hong Kong criticized Mr. Tseng Ming-Sung, a non-executive director of Tenfu (Cayman) Holdings, for creating a conflict of interest. In December 2023, Tseng was authorized to purchase the company’s shares as part of a repurchase scheme but also agreed to buy shares on behalf of two substantial shareholders without disclosing this dual role to the company. This lack of transparency and failure to manage the conflict properly led to the criticism, and Tseng has been directed to undergo training. The incident highlights the importance of managing conflicts of interest and prioritizing the company’s interests in corporate governance.
Resources: https://www.hkex.com.hk/News/Regulatory-Announcements/2024/241121news?sc_lang=en
