The Hong Kong Securities and Futures Commission has obtained Court of First Instance orders disqualifying three former senior executives of China Candy Holdings Limited for 13 years over schemes that substantially overstated the company’s cash and bank balances. Former chairman and executive director Xu Jinpei, former executive director and chief executive officer Hong Yinzhi, and former chief financial controller Wang Zhihong may not, without court permission, act as directors, liquidators, receivers or managers of any listed or unlisted corporation in Hong Kong. The court found that China Candy overstated cash and bank balances in its 2016 interim and annual reports by RMB38.1 million and RMB43.48 million, respectively, representing 87% and 97% of the reported balances. The schemes used fictitious deposits, unrecorded transactions and post-cut-off offsets, supported by falsified bank slips, statements and accounting vouchers supplied to the company’s auditor. The orders conclude the SFC’s Court of First Instance proceedings against the company’s former directors and senior executives.
Hong Kong Securities & Futures Commission2026-08-06
Hong Kong Securities and Futures Commission obtains 13-year disqualifications against three former China Candy executives
The Hong Kong Securities and Futures Commission has secured 13-year disqualifications against three former China Candy senior executives for schemes that substantially inflated the company’s reported cash and bank balances. The court found overstatements of RMB38.1 million and RMB43.48 million in its 2016 interim and annual reports, supported by falsified banking and accounting records.