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China e-Wallet Payment Group, directors censured for breaching listing rules

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China e-Wallet Payment Group, directors censured for breaching listing rules

The Stock Exchange of Hong Kong Ltd. censured China e-Wallet Payment Group Ltd. and its directors for breaching listing rules after the company misstated a net profit as a loss for the six months ended June 2015.

The company, formerly known as RCG Holdings Ltd., reported on Aug. 28, 2015, a loss of HK$12 million for the first half of 2015. Later, on Sept. 14, 2015, the company issued a clarification saying the result should be a net profit of HK$281.5 million.

The stock exchange said Jan. 22, 2018, that the original announcement did not include a valuation gain of an investment, information which CEO Wang Zhong Ling tried to mail from Malaysia to Hong Kong by post but was lost in transit.

The censure was based on the inaccurate and misleading respects of the announcement, as well as "material deficiencies in the internal controls," the stock exchange added.