CHINA E-WALLET (00802) received additional resumption guidance from the Hong Kong Stock Exchange and will continue to remain suspended.

date
26/02/2025
avatar
GMT Eight
China E-Wallet (00802) has issued an announcement that the company has received a notice from the Stock Exchange, stating that the Securities and Futures Commission (SFC) has indicated in a letter that the financial information published by the group may not be accurate; the authenticity of several incentive payments made since 2016 is in doubt; and the former chairman and executive director Mr. Wang Zhongling and other directors at the time may have violated their fiduciary duties as directors of the company (referred to as the "SFC investigation results"). The Stock Exchange has set out the following additional resumption guidance for the company in a letter dated February 6, 2025 (additional resumption guidance): (i) Taking appropriate steps to address the SFC investigation results, including but not limited to determining the financial impact of the SFC investigation results on the group's financial performance and providing sufficient assurance in this regard, while disclosing enough information for investors to assess the company's financial position with full knowledge; (ii) Conducting an independent internal monitoring review and demonstrating that the company has sufficient internal monitoring and procedures in place to comply with listing rules; and (iii) Demonstrating that there are no reasonable regulatory concerns about the integrity, capability, and/or character of the company's management and/or any individuals with significant influence on the company's management and operations that could pose risks to investors and damage market confidence. Furthermore, the company's shares remain suspended.

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