SFC obtains six-year disqualification order against former executive director of National United Resources Holdings Limited over fictitious transactions

On August 13, 2026, the Securities and Futures Commission ("SFC") secured a six-year disqualification order against Mr Tian Songlin, a former executive director of National United Resources Holdings Limited ("NUR"), following his admission of breaching fiduciary duties through reckless involvement in fictitious subsidiary transactions. The Court of First Instance disqualified Mr Tian from acting as a director, liquidator, receiver, or manager of any corporation in Hong Kong, and he was ordered to bear the SFC's legal costs.

Regulatory Action and Disqualification

The core of the SFC's legal action concerned two back-to-back fuel oil supply and sale transactions executed in 2015 between NUR's subsidiary, NUR Clean Energy Investment Limited (NUR Clean), and external parties. The SFC alleged that these US$75.46 million transactions were fictitious, as the purported counterparties were controlled by NUR or its associates, and the supporting bills of lading were forged. Furthermore, funds were circulated through various related entities before returning to NUR or its connected persons.

Nature of the Fictitious Transactions

Mr Tian admitted to failing to take reasonable steps to ensure the transactions benefited NUR or NUR Clean, acting merely as a rubber stamp without proper due diligence. He provided pre-signed telegraphic transfer forms to facilitate over HK$302 million in payments for these transactions without questioning their purpose and failed to convene a board meeting to consider the substantial sums. Additionally, he admitted to recklessly causing false or misleading statements to be published in NUR's 2015 annual results and report.

Tian's Specific Admissions of Misconduct

The proceedings also implicated Mr Li Hui and Mr Feng Yongming, former executive directors of NUR, and Mr Li Tao, alleged to be NUR's de facto and/or shadow controller. The SFC alleges Mr Li Hui bound NUR Clean to the fictitious transactions and approved related payments, while Mr Feng approved payments exceeding HK$302 million. Mr Li Tao is accused of orchestrating the transactions and controlling the entities involved in fund movements. As these three respondents are currently unlocatable, the SFC is seeking public assistance to find them.

Outstanding Respondents and Enforcement Actions

NUR has been listed on the Main Board of The Stock Exchange of Hong Kong Limited (stock code: 254) since 16 November 1972, principally operating in coking coal, aluminium rod, fuel oil trading, online platform, and media and advertising segments. Mr Tian served as an executive director of NUR from 17 July 2015 to 10 November 2017 and a director of NUR Clean from 26 May 2015 to 10 November 2017. Proceedings commenced under section 214 of the Securities and Futures Ordinance in July 2022, with the Court approving disposal via the 'Carecraft' procedure based on agreed facts. The judgment is available on the Judiciary's website (Case No.: HCMP 896/2022).

Corporate Background and Procedural History

In November 2025, the SFC obtained a three-year disqualification order against Mr Lo Ka Wai, a former executive director of NUR, within the same proceedings. Mr Li Hui served as an executive director of NUR from 17 July 2015 to 19 September 2016 and a director of NUR Clean from 8 May 2015 to 2 August 2016. Mr Feng served as an executive director of NUR from 1 September 2014 to 19 May 2017. Mr Li Tao is alleged to have regularly instructed staff and employees of NUR and its subsidiaries. Individuals on the SFC's 'Have You Seen These People?' webpage are subject to arrest warrants or believed to hold relevant information. Anyone with information regarding Mr Li Hui, Mr Feng, or Mr Li Tao should contact the SFC at (852) 2231 1000 or use the designated reporting channel.