The Securities and Futures Commission ("SFC") obtained disqualification orders against former directors and senior executives of National Agricultural Holdings Limited ("NAH"). The orders followed investigations revealing misconduct related to share purchases, transfers, and improper transactions. The affected individuals include Ms Lu Ying, Mr Ren Hai, Mr Peng Guojiang, and Mr Ting Tit Cheung, who were disqualified for different periods.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On May 27, 2025, the Securities and Futures Commission ("SFC") issued disqualification orders against several former directors of National Agricultural Holdings Limited ("NAH"): Ms Lu Ying, Mr Ren Hai, Mr Peng Guojiang, and Mr Ting Tit Cheung. The orders restrict these individuals from serving as directors or being involved in the management of any company in Hong Kong.
Ms Lu Ying was prohibited from serving as a director for nine years, while Mr Ren Hai and Mr Peng Guojiang were each barred for seven years, and Mr Ting Tit Cheung for two years. Additionally, they were ordered to cover the SFC's costs in the proceedings.
The disqualification orders followed an investigation by the SFC into allegations of misconduct within NAH, which revealed significant financial irregularities. The controlling shareholder, Parko (Hong Kong) Limited, was found to have failed to pay HK$676 million for shares acquired in 2015.
Lu Ying and others were involved in the transfer of HK$384 million to a company for purposes unrelated to NAH, with some of these funds subsequently transferred to Parko. Furthermore, a substantial sum of RMB1.85 billion was transferred out of NAH through dubious transactions without clear justification. Mr Chen Li-Jun, the former chairman of NAH, transferred HK$50 million to a connected company without sufficient grounds.
Chen Li-Jun, who was central to the misconduct, intentionally breached his duties to NAH for the benefit of Parko and personal gain. His death occurred after the proceedings began. The orders against Lu Ying, Ren Hai, Peng Guojiang, and Ting were issued after these individuals admitted to breaching their duties to NAH.
Lu Ying, as the financial manager, knew or ought to have known about the misconduct. Ren Hai and Peng Guojiang failed to rectify or question the questionable transactions. Mr Ting, as an independent director, did not exercise adequate judgment or supervision over these transactions.
Previously, on June 23, 2023, the SFC obtained disqualification orders against three other NAH directors, including Mr Liu Yong, who was disqualified for three years, and independent executive directors Ms Kathy Chiu Kam Hing and Mr William Fan Chung Yue, who were each disqualified for two years.
The SFC initiated the proceedings under section 214 of the Securities and Futures Ordinance in January 2021, which led to the cancellation of NAH's shares listed on the GEM and Main Boards of the Stock Exchange of Hong Kong Limited ("SEHK") on November 22, 2019.
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