The Stock Exchange has taken disciplinary action against CATHAY GP HLDGS (01981.HK) (formerly known as CATHAY EDU Group) former Director Yan Xiang, issuing a statement of unsuitability for the Director and condemnation.

A statement of unsuitability for a Director refers to the Stock Exchange's belief that the Director is unsuitable to serve on the board of the company or any of its subsidiaries or to hold senior management positions.

The Listing Committee has determined that the Director violated the Listing Rules by failing to cooperate with the investigation of the Listing Division. The situation of the Director's failure to fulfill responsibilities under the Listing Rules is severe.