The Securities Commission Malaysia (SC) has issued a public statement expressing its opinion that Shen Hengbao’s continued tenure as chief executive officer of HB Global Ltd is prejudicial to the public interest. HB Global furnished false statements to Bursa Malaysia about shareholdings in four companies in its annual reports for the financial years ended Dec. 31, 2017, 2018, 2019 and 2020. Those disclosures caused its financial statements to include results from entities that were not part of the group during the relevant period. On Jan. 13 and Jan. 14, 2026, the SC reprimanded HB Global and Shen, respectively, for four breaches each of section 369(b)(B) of the Capital Markets and Services Act 2007. Shen also received a MYR 1.26 million penalty for knowingly causing HB Global to furnish the false statements. On Oct. 29, 2026, the SC dismissed their application for review and upheld its findings and sanctions.
Securities Commission Malaysia deems HB Global CEO’s continued tenure prejudicial to public interest
The Securities Commission Malaysia considers Shen Hengbao’s continued role as HB Global Ltd’s chief executive officer prejudicial to the public interest following false disclosures in the company’s 2017-2020 annual reports. The disclosures caused financial statements to include results from entities outside the group. On Oct. 29, 2026, the regulator rejected a review application, upholding reprimands of the company and Shen and a MYR 1.26 million penalty against him.