REDCO GROUP(01622.HK): Executive Director Tang Chengyong Receives Public Sanction from HKEX; Board Concludes He Remains Fit to Continue Office

NewTimeSpace · 2026/07/29 09:45 · By Xuran Lin

NewTimeSpace News: Redco Properties Group Limited (01622.HK) announced that HKEX took disciplinary action against Redco Healthy Living (02370.HK) and its Executive Director Mr. Tang Chengyong over multiple fund flows and transactions between 2022 and 2023. The matters included undisclosed RMB100 million earnest money, guarantees for RMB30.8 million refundable deposits and connected transactions worth RMB61.5 million. The Listing Committee ruled that Mr. Tang breached Listing Rules 3.08 and 3.09B(2), issued a censure and ordered him to complete 27 hours of training. Following assessment, the Board concluded that Mr. Tang remains fit to continue serving as Executive Director.

NewTimeSpace News: On 29 July 2026, Redco Properties Group Limited (01622.HK) issued an announcement. On 28 July 2026, the Stock Exchange of Hong Kong Limited published a statement of disciplinary action against Redco Healthy Living (02370.HK) and two of its Executive Directors, including Mr. Tang Chengyong, who also serves as an Executive Director of the Company. The Exchange censured Mr. Tang and directed him to complete 27 hours of training.

The relevant matters involved multiple fund flows of subsidiaries of Redco Healthy Living between March 2022 and June 2023, including: payment of RMB100 million earnest money to an independent third party (not announced in compliance with Rules 13.13 and 13.15); provision of guarantees in respect of RMB30.8 million refundable deposits, constituting notifiable transactions; payment of RMB61.5 million earnest money to Redco Properties, constituting connected transactions; and approximately RMB103 million bridging loans without proper record retention.

The Listing Committee found that Mr. Tang breached Listing Rules 3.08 and 3.09B(2) on grounds including failure to conduct sufficient due diligence, failure to adopt adequate measures to safeguard corporate interests, and failure to report relevant matters to the board.

The Board of Redco Properties (with Mr. Tang abstaining from voting) conducted an assessment and concluded that the relevant breaches occurred at Redco Healthy Living rather than the Company, and did not involve dishonesty or personal gain. All relevant funds have been fully repaid or settled. Mr. Tang cooperated with the investigation, acknowledged the breaches and accepted the training direction. The Board considers that Mr. Tang remains fit and proper to continue acting as Executive Director.

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REDCO GROUP 01622.HK Disciplinary Action