Hong Kong Exchanges and Clearing Censures Datang Group Executives for Undisclosed Transactions

Gate News message, April 28 — Hong Kong Exchanges and Clearing Limited (HKEx) issued a public censure and statement condemning Datang Group Holdings Limited (delisted, former code: 2117), as well as Didi Wu, the company’s executive director and chairman at the time of delisting, and Weiping Liu, the company’s senior management member and vice president at the time of delisting.

According to HKEx’s investigation, the company engaged in a land compensation transaction worth RMB 1.76 billion with the Chinese government through its subsidiary in 2022, and provided financial assistance totaling RMB 1.03 billion to its controlling shareholder and connected entities. These actions violated Chapter 14 (Major Transactions) and Chapter 14A (Connected Transactions) of the Listing Rules respectively.

The company, Wu, and Liu did not contest the violations or their responsibility under the Listing Rules and have accepted the sanctions imposed.