HKEX censures KWG Group Holdings over listing rule breaches

The Stock Exchange of Hong Kong has censured KWG Group Holdings Limited, six current directors, and a former company secretary for breaches of Listing Rules. The disciplinary action stems from the company's significant 16-month delay in dispatching an information circular for two major transactions, and its failure to respond to the Exchange's enquiries within imposed time limits.

The censured individuals include chairman Kong Jianmin, executive directors Kong Jiantao, Kong Jiannan, and Cai Fengjia, independent non-executive directors Tam Chun Fai and Law Yiu Wing Patrick, and former company secretary Chan Kin Wai. Each individual is directed to attend 18 hours of training on regulatory and legal topics and Listing Rule compliance within 90 days.

The Listing Committee found that the company breached Rule 14.41(a) and Rule 2.12A. The relevant directors breached Rules 3.08 and 3.09B(2) for failing to exercise reasonable skill, care, and diligence. Chairman Kong also breached Rules 3.06 and 3.09C, while Mr. Chan was found to have caused the company's breaches and failed in his role as company secretary. All parties admitted their breaches and proposed remedial measures, including the resignation of chairman Kong and Mr. Chan as authorised representatives, effective 25 July 2025.