Hong Kong’s Securities and Futures Commission (SFC) obtained disqualification orders in the Court of First Instance against three former executive directors of Tech Pro Technology Development Limited for breaching their duties in relation to the company’s investment through a joint venture with a Mainland partner. Former chairman and executive director Li Wing Sang and former executive director Liu Xinsheng, who also served as director and supervisor of the joint venture respectively, were disqualified for seven years from being a director, liquidator, receiver or manager, and from being involved in the management of any listed or unlisted corporation in Hong Kong. Former executive director Chiu Chi Hong, who did not hold any position in the joint venture, was disqualified for four years, and all three were ordered to pay the SFC’s costs. The SFC found they failed to obtain sufficient control and supervision over the joint venture and left day-to-day management to the Mainland partner, which misappropriated over RMB300 million and failed to settle outstanding rent for a Shanghai building, leading a Mainland court to terminate the joint venture’s sub-leasing right for the building and effectively wipe out the value of Tech Pro’s investment; the directors were unaware of the court order and related proceedings.
Hong Kong Securities & Futures Commission 2025-03-03
Hong Kong Securities and Futures Commission secures disqualification orders of up to seven years against former Tech Pro executive directors
The Hong Kong Securities and Futures Commission (SFC) secured disqualification orders against three former executive directors of Tech Pro Technology Development Limited for breaching duties related to a joint venture. Li Wing Sang and Liu Xinsheng were disqualified for seven years, while Chiu Chi Hong received a four-year disqualification. The SFC found they failed to supervise the joint venture, resulting in misappropriation of over RMB300 million and loss of Tech Pro's investment value.