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Enoch Yiu

The Hong Kong stock exchange has banned Styland Holdings, which has been suspended for four years, from resuming trading due to serious regulatory concerns over alleged misconduct of the company and four of its former and existing directors.
In a rare move, the exchange yesterday issued a three-page  statement explaining why it declined an application to resume trading of shares in Styland, a property and technology investment firm.
Styland applied to suspend trading, pending a rights issue in April 2004. It has not been allowed to resume trading its shares since.
The bourse said it would allow the company to resume trading only if it implemented a range of corporate governance measures, including mechanisms to 'monitor the performance of those directors who are subject of the disciplinary action'.
The exchange based  its stance 'solely upon shareholder and market protection concerns'.
In 2004, the exchange's listing division compiled a disciplinary report after investigating certain announcements issued in 2002 and 2003 related to  connected transactions between the firm  and its senior management, including former chairman Kenneth Cheung Chi-shing.
The report 'alleged serious breaches of the listing rules' by the company and four persons in terms of disclosure of the connected transactions. It suggested disciplinary action against Styland and Mr Cheung, who resigned in June 2002, former executive director Steven Li Wang-tai  and executive directors Miranda Chan Chi-mei and Yvonne Yeung Han-yi, who are still on the board.
The company and the four denied the charges and applied to resume trading in 2005.
At a disciplinary hearing in February, followed by a listing committee meeting last month, the exchange  imposed  sanctions on the company and the four executives. The company and three of the four involved have requested a review, which is scheduled for  August.



Exchange bans Styland from resuming trading