CENTURY EN INTL is accused of losing control over its mainland subsidiary, and the Securities and Futures Commission has applied to revoke the qualifications of four former directors
CENTURY EN INTL announced that the China Securities Regulatory Commission (CSRC) has applied to revoke the qualifications of four former directors due to their failure to properly supervise the company's four major subsidiaries in mainland China, resulting in the company being unable to consolidate them since 2019, leading to a loss of approximately HKD 184 million. The CSRC accused the former directors of not acting in the best interests of the company and holding responsibility for the inaccurate information in the circular issued in 2014. To date, this legal action has not had a significant impact on the company's operations
According to the Zhitong Finance APP, CENTURY EN INTL (08132) announced that on September 19, 2025, the Securities and Futures Commission (SFC) is applying to the High Court of the Hong Kong Special Administrative Region for a disqualification order against four former directors under the legal proceedings initiated pursuant to Section 214 of the Securities and Futures Ordinance.
The SFC took the above action after investigating the company's loss of control over four major operating subsidiaries in mainland China. These operating subsidiaries have not been consolidated into the company's accounts since January 1, 2019, resulting in a loss of approximately HKD 184 million for the year ending March 31, 2019.
The SFC alleges that the former directors failed to properly supervise the four major operating subsidiaries in mainland China and did not act in the best interests of the company. Their prolonged neglect of supervision ultimately led to the inability to consolidate these operating subsidiaries, resulting in significant financial losses.
In addition, three former directors are also held responsible for a circular issued by the company in 2014, which contained inaccurate or misleading information regarding one of its operating subsidiaries in mainland China.
As of the date of this announcement, to the best of the directors' knowledge, awareness, and belief, the aforementioned legal proceedings have not had a significant adverse impact on the company's business operations and those of its subsidiaries
