SINO GAS HLDGS: Zheng Jianpeng resigns as independent non-executive director
SINO GAS HLDGS announced the resignation of independent non-executive director Zheng Jianpeng, effective September 19, 2025. This move is related to the legal proceedings by the Securities and Futures Commission against former directors of Banyu International Energy Holdings Limited, who are accused of failing to properly oversee the company, resulting in significant financial losses. Dr. Zheng stated that his resignation is in the best interest of the company, and he will no longer serve as a member of the audit, remuneration, and nomination committees after his resignation. Executive director Ms. Ji Ling will join the remuneration and nomination committee
According to the announcement from SINO GAS HLDGS (01759), the Securities and Futures Commission (SFC) issued a statement on September 19, 2025 (SFC Statement). The SFC Statement indicated that the SFC has initiated legal proceedings seeking disqualification orders against four former directors of Banyu International Energy Holdings Limited (formerly known as Sino Gas Hong Kong Energy Group Holdings Limited, Sino Gas Hong Kong Energy), including Dr. Zheng Jianpeng, an independent non-executive director of the company (who was an executive director, chief financial officer, and company secretary of Sino Gas Hong Kong Energy during the relevant period). The SFC alleged that these former directors failed to properly supervise the main operating subsidiaries located in China and did not act in the best interests of the company. Their long-term lack of oversight resulted in these operating subsidiaries being excluded from the consolidated financial statements and caused significant financial losses.
Dr. Zheng is aware of the SFC Statement and will fully defend his rights. However, he believes that resigning from his position as an independent non-executive director of the company is in the best interests of the company, and the resignation will take effect from September 19, 2025 (Resignation).
Following the resignation, Dr. Zheng will also cease to be a member of the company's Audit Committee, Remuneration Committee, and Nomination Committee from September 19, 2025. Executive Director Ms. Ji Ling has been appointed as a member of the Remuneration Committee and Nomination Committee, effective from September 19, 2025
