On October 31, 2025, the Securities and Futures Commission ("SFC") is seeking disqualification orders against three former directors of China Longevity Group Company Limited for overstating the company's cash balances and failing to disclose these overstatements, leading to material misstatements in the company's financial reports.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On October 31, 2025, the Securities and Futures Commission ("SFC") filed a request for disqualification orders against three former directors of China Longevity Group Company Limited (China Longevity), previously known as Sijia Group Company Limited, under section 214 of the Securities and Futures Ordinance ("SFO"). The defendants are Mr. Lin Shengxiong, Mr. Zhang Hongwang, and Mr. Huang Wanneng.
These proceedings are the culmination of an SFC investigation into allegations that China Longevity overstated its cash and cash equivalents by RMB198.9 million at 31 December 2011 and RMB302.4 million at 30 June 2012. These overstatements represented approximately 13.6% and 19.9% of the company’s net assets on these respective dates, resulting in material misstatements in China Longevity’s annual reports for 2011, 2012, and the interim report for 2012. Trading in shares of China Longevity has been suspended since 4 December 2014 due to these irregularities.
The SFC's petition alleges that the former directors were either complicit or directly responsible for the overstatements in China Longevity’s financial statements. They are also accused of failing to make timely, accurate, and complete disclosures of these overstatements and other audit irregularities. Judicial assistance was sought to serve the Petition in the Mainland, with the first direction hearing scheduled for 30 October 2025. The next case management conference is set for 25 February 2026.
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