Concerning undisclosed diversion of IPO proceeds into an investment and various questionable service agreements. This involves fees paid to some of the same firms as a similar sanction of Raffles Interior (1376) in Dec-2022, including Leo Asset Management Ltd, Share News Media Ltd and Easy Global Profits Ltd. Both listings involved Singapore-based companies. In both cases, IPO funds were invested in a company "engaged in the trading of antique jewellery". In Hygieia's case this is named as Luck Rise Dragon Ltd. Leo is owned by Roma (8072).
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Sanction of Raffles Interior (1376) and 3 directors
SEHK, 12-Dec-2022
Most of the IPO proceeds were quickly diverted into asset management and services which had questionable rationale. Leo Asset Management Ltd is owned by Roma (8072).