The Stock Exchange of Hong Kong Limited has imposed disciplinary actions against Fantasia Holdings Group Co., Limited and Colour Life Services Group Co., Limited, along with eleven of their directors, following breaches of Listing Rules related to a substantial disposal of a subsidiary, Link Joy. The companies attempted to address liquidity issues by entering into a loan agreement with the purchaser of Link Joy, using the subsidiary as security, without shareholder approval. This action led to the forced transfer of Link Joy and resulted in censure for both the companies and involved directors, with a statement issued indicating that Mr. Pan Jun’s continued position could prejudice investor interests. The directors, except Mr. Pan, are also required to undergo training.
Resources: https://www.hkex.com.hk/News/Regulatory-Announcements/2025/250306news?sc_lang=en
