On 18 November 2025, The Stock Exchange of Hong Kong Limited (Exchange) imposed a Director Unsuitability Statement and issued a censure against two former directors of Narnia (Hong Kong) Group Company Limited. The individuals concerned are the executive director, chairman, and chief executive officer at the time of delisting, Mr. Dai Shunhua, and the executive director at the time of delisting, Ms. Song Xiaoying. The Unsuitability Statement concludes that each director is unsuitable to occupy a position as director or within senior management of the company or its subsidiaries.

According to the Exchange, both directors were obliged under the GEM Listing Rules to cooperate in an investigation and provide up-to-date contact information following delisting. Although they responded to some inquiries, they did not fully address all of the Exchange’s questions. The GEM Listing Committee found that they breached the Listing Rules by failing to cooperate and noted that this obligation to provide requested information does not lapse after an issuer ceases to be listed or after an individual ceases to be a director. The sanctions apply solely to the two individuals and not to the company or any other past or present directors.