The Company conducted two top-up placings in 2019. Prior to each placing, Mr Shi Baodong presented to selected participants in online meetings that the Company’s controlling shareholder would give those participants one free additional share for every placing share they took up. Given the nature and relevance of the free share arrangement to the top-up placings, the Company should have disclosed it to the market. However, no information about the free share arrangement was disclosed in the Company’s announcements of the placings. Mr Shi failed to take steps to procure the Company’s compliance with its disclosure obligations.
Resources: https://www.hkex.com.hk/News/Regulatory-Announcements/2024/240625news?sc_lang=en
