SGX RegCo reprimands Sunrise Shares Holdings former CEO and directors

The former executives breached Catalist rules 719(1) and 703(4)(a).

The Singapore Exchange Regulation (SGX RegCo) has reprimanded Sunrise Shares Holdings’ former CEO, Liang Yongdong, and former directors Wong Siu Fai, Zheng Aimin, Tang An, and Wang Ziquan, for breaching Catalist rules 719(1) and 703(4)(a).

Sunrise Shares Holdings failed Rule 719(1), which requires companies to have adequate and effective systems of internal controls that include financial, operational, compliance and information technology controls, as well as risk management systems.

In addition, on 15 August 2022, the company reported inaccurate and non-factual 1H2022 results, stating a net profit when it was actually in a net loss position, thereby breaching Rule 703(4)(a).

SGX RegCo also issued an order prohibiting any issuer from appointing or reappointing Wong Siu Fai as a director, executive officer, or both, for two years starting from 18 October. A similar order was issued for Liang Yongdong, with a prohibition period of one year.

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