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An announcement from Sunac Services Holdings Ltd. ( (HK:1516) ) is now available.
Sunac Services Holdings Limited disclosed that its chairman and non-executive director, Wang Mengde, and non-executive director, Gao Xi, have received formal disciplinary sanctions from the Shanghai Stock Exchange in relation to Sunac Real Estate Group Co., Ltd., a wholly owned subsidiary of Sunac China Holdings Limited. The sanctions stem from Sunac Real Estate’s failure to timely disclose overdue debt information between 2022 and 2024 under the Shanghai bourse’s bond listing rules, leading to an official criticism of the entity and both individuals, with the action recorded in an integrity database and reported to the China Securities Regulatory Commission. The board of Sunac Services, excluding Wang and Gao, reviewed the disciplinary notice and concluded the non-compliance was due to objective factors at Sunac Real Estate, expressed continued confidence in the integrity and diligence of both directors, and stated that the sanctions are not expected to have any material adverse impact on the group’s business or operations.
The most recent analyst rating on (HK:1516) stock is a Hold with a HK$1.50 price target. To see the full list of analyst forecasts on Sunac Services Holdings Ltd. stock, see the HK:1516 Stock Forecast page.
More about Sunac Services Holdings Ltd.
Sunac Services Holdings Limited is a Hong Kong–listed company incorporated in the Cayman Islands, operating as part of the wider Sunac group that is primarily engaged in property-related services in mainland China. The group’s governance structure includes a chairman and a mix of executive, non-executive and independent non-executive directors overseeing operations and regulatory compliance in its markets.
Average Trading Volume: 11,521,423
Technical Sentiment Signal: Sell
Current Market Cap: HK$4.31B
For an in-depth examination of 1516 stock, go to TipRanks’ Overview page.