The Stock Exchange of Hong Kong Limited ("HKEX") and the Securities and Futures Commission ("SFC") have taken disciplinary action against two former directors of TOMO Holdings Limited ("TOMO") for non-cooperation in investigations conducted by both the SFC and HKEX.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On August 12, 2025, the Stock Exchange of Hong Kong Limited ("HKEX") and the Securities and Futures Commission ("SFC") took concerted disciplinary action against Ms. Ma Xiaoqiu and Mr. Jin Lailin, former directors of TOMO Holdings Limited ("TOMO"), for failing to cooperate in investigations conducted by both regulatory bodies.
Ms. Ma Xiaoqiu and Mr. Jin Lailin were publicly censured by HKEX, rendering them unsuitable for positions as directors or senior management in TOMO or its subsidiaries.
The SFC's investigation into potential violations under the Securities and Futures Ordinance ("SFO") involving TOMO and its directors was hindered by the non-responses of Ms. Ma and Mr. Jin to SFO notices, leading the SFC to refer the case to HKEX for further action.
The HKEX's Listing Division also investigated the discharge of duties by Ma and Jin under the Listing Rules, but neither responded to the investigation. Both regulators found that the non-cooperation was a significant breach of their obligations, deemed serious by the Listing Committee.
Mr. Christopher Wilson, the SFC's Executive Director of Enforcement, underscored the importance of directors' cooperation, emphasizing that non-cooperation undermines oversight and compromises investor protection. He highlighted the strategic partnership between the SFC and HKEX in maintaining market integrity.
Ms. Catherine Yien, HKEX's Head of Listing Regulation and Enforcement, underscored the significance of cooperation by issuers and directors with both HKEX and the SFC, noting that non-cooperation would result in appropriate sanctions against directors.
The SFC's ongoing investigation into the case is still in progress.
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