On January 15, the Hong Kong Stock Exchange announced disciplinary actions against two former directors of Regal Partners Holdings Limited (formerly known as Morfun Home Furnishings Holdings Limited) (01575).

The Exchange issued director unsuitability statements and public censures against Mr. Zou Gebing, former Chairman, Executive Director, and Chief Executive Officer of Regal Partners; and Mr. Shen Zhidong, a former Executive Director.

The Exchange ruled that Mr. Zou Gebing and Mr. Shen Zhidong failed to cooperate with its investigation, thereby breaching the Listing Rules.

A director unsuitability statement means the Exchange considers that Mr. Zou and Mr. Shen are unsuitable to serve as directors or in senior management positions at the company or any of its subsidiaries.

The Exchange stated that Mr. Zou and Mr. Shen were involved in two separate investigations conducted by the Exchange concerning the company.

In January 2025, the Exchange issued statements damaging to investor interests and public censures against Mr. Zou and Mr. Shen, respectively, for violating their director duties and responsibilities under the Listing Rules related to a guarantee provided in October 2021 by a company subsidiary for a debt owed to a third party by a company privately owned by Mr. Zou.

Mr. Zou and Mr. Shen had cooperated with the Exchange in this particular investigation.

Following the conclusion of the guarantee investigation, the Exchange became aware of allegations that the company's directors may have breached other provisions of the Listing Rules and initiated another investigation.

As part of the second investigation, the Exchange sent inquiry letters and reminder letters to Mr. Zou and Mr. Shen, respectively.

Mr. Zou only replied to some, but not all, of the Exchange's inquiries and failed to provide his updated contact details as requested.

Mr. Shen failed to provide any substantive response to the Exchange's inquiries.