On July 19丨Glonway Group Holdings (00526.HK) issued an announcement denouncing the company; and further ordered: appointing a compliance advisor for a period of two years; conducting an independent review of the company's internal control measures to ensure compliance with chapters 13, 14 and 14 A of the Listing Rules; and that the company requires each current director to complete 24-hour training on regulatory and legal issues and “Listing Rules” compliance matters within 90 days, including at least 3 hours each of the following: (i) “directors' responsibilities; (ii) Corporate Governance Code and (iii) The provisions of Chapters 13, 14 and 14A of the Listing Rules.

Between 2017 and 2021, the company conducted a number of discloseable, major and continuing connected transactions, but did not promptly disclose or obtain the required shareholders' approval in accordance with the provisions of Chapters 14 and 14A of the Listing Rules.

Furthermore, the company was required to publish and distribute its annual results and reports for the year ended March 31, 2021 on or before June 30, 2021, but it will not publish and distribute them separately until September 6 and 8, 2021. The above publicized transaction irregularities involved repeated violations of the provisions of Chapters 14 and 14A of the Listing Rules.

The company has repeatedly violated the relevant regulations, at least partly due to insufficient internal controls.

The company agreed to settle the disciplinary action and acknowledge the irregularities, as well as accept the sanctions and instructions that the Listing Committee will impose on it.