The Hong Kong Securities and Futures Commission reported that the Stock Exchange of Hong Kong Limited has taken its first-ever disciplinary action against two former directors of a listed company for failing to cooperate with investigations by both the SFC and the Exchange. The Exchange publicly censured Ms Ma Xiaoqiu and Mr Jin Lailin, former executive director and former independent non-executive director of TOMO Holdings Limited, and stated they are unsuitable to occupy director or senior management positions at TOMO or any of its subsidiaries. The SFC had issued notices under section 183 of the Securities and Futures Ordinance requiring information and documents relevant to its investigation into possible contraventions involving TOMO and/or connected persons, but neither individual responded, and they also did not respond to the Exchange’s Listing Division investigation. The Listing Committee found both had seriously breached the Listing Rules requirement for directors to cooperate with SFC or Exchange investigations, which continues after they cease to be directors. The SFC’s investigation remains ongoing.
Hong Kong Securities & Futures Commission 2025-08-12
Hong Kong Securities and Futures Commission and Hong Kong Stock Exchange secure first-ever disciplinary censure of former TOMO directors for non-cooperation
The Hong Kong Securities and Futures Commission announced that the Stock Exchange of Hong Kong Limited has taken its first disciplinary action against two former directors of TOMO Holdings Limited for non-cooperation with investigations. Ms. Ma Xiaoqiu and Mr. Jin Lailin were publicly censured and deemed unsuitable for director or senior management roles. The SFC's investigation into possible contraventions involving TOMO is ongoing.