The Stock Exchange of Hong Kong, a subsidiary of Hong Kong Exchanges and Clearing (HKG:0388) has imposed sanctions on FingerTango (HKG:6860) and some of its eight former directors on Thursday, a same-day Hong Kong bourse filing said.
The exchange after investigation, found the company to have changed the use of its net listing proceeds as opposed to that disclosed in the formal disclosures by the company.
The company used HK$450 million of its listing proceeds of HK$967 million for subscribing to an unlisted wealth management product and failed to disclose such information in its relevant filings afterward as well.
The exchange has sanctioned and declared Liu Zhanxi, Wang Zaicheng, Wu Junjie, and Yao Minru unsuitable for directorship or senior management posts within the group.
Zhu Yanbin, Guo Jingdou, and Liu Jianhua are directed to attend 18 hours of regulatory and legal training, while the exchange has warned the company of its delisting if Liu Jie, the now-former chairman, and chief executive officer, takes any director or senior management post within the group.
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