The Hong Kong Stock Exchange censured Ding He Mining Holdings Ltd. and three of its directors for breaching listing rules after not cooperating with the exchange over an investigation.
The exchange said Dec. 20 that it had launched a probe to determine whether Chairman and Executive Director Wang Song Ling and independent nonexecutive directors Fan Hai Juan and Liu Fa had violated listing rules.
The exchange's listing department sought information from the directors as part of the investigation. However, it did not receive any submission from the directors and the company despite them being aware of the probe.
Due to the directors' conduct in the case, the exchange concluded that their tenure in the company is "prejudicial to the interests of investors." The exchange also directed the company or its board to provide a submission shortly.
Ding He Mining operates the Perak magnesium smelter in Malaysia, which has an estimated capacity of up to 30,000 tonnes of magnesium ingots per annum.