Wu Yinong resigns as INED of Jiu Rong (2358) following his SFC sanction
Company announcement, 17-Apr-2019
This comes 3 days after Webb-site complained to HKEX that the company had failed to announce that Mr Wu had been sanctioned by the SFC for his due diligence failures while sponsoring an IPO at China Merchants Securities. The sanction was announced by the SFC on 27-Feb-2019, 7 weeks before. The question is, why do we have to point these things out to HKEX?
The firm only sponsored 2 IPOs in 2009, so this almost certainly relates to China Metal Recycling (Holdings) Ltd. In 2015, the SFC obtained a court order to wind it up. The other sponsor was UBS AG. We note that Mr Wu is still an INED of Jiu Rong (2358), a member of the "Enigma Network".