SINO GAS HLDGS (01759) announced that it refers to a statement issued by the Securities and Futures Commission (SFC) on September 19, 2025 (SFC Statement). The SFC Statement indicates that the SFC has commenced legal proceedings seeking disqualification orders against four former directors of Power Assets International Energy Holdings Limited (formerly known as Sino Gas & Energy Holdings Limited, Sino Gas & Energy), including Dr. Zheng Jianpeng, the Company's independent non-executive director (who was an executive director, chief financial officer and company secretary of Sino Gas & Energy during the relevant period).

In seeking the disqualification orders, the SFC alleges that these former directors failed to properly supervise the principal operating subsidiaries located in mainland China and did not act in the best interests of the company. Their prolonged lack of supervision resulted in these operating subsidiaries being deconsolidated from the consolidated financial statements and caused significant financial losses.

Dr. Zheng has taken note of the SFC Statement and will vigorously defend his rights. However, he believes that his resignation from the position of independent non-executive director of the Company is in the best interests of the Company, with such resignation taking effect from September 19, 2025 (Resignation).

Following the Resignation, Dr. Zheng also ceased to be a member of the Company's audit committee (Audit Committee), remuneration committee (Remuneration Committee) and nomination committee (Nomination Committee) with effect from September 19, 2025.

Executive director Ms. Ji Ling has been appointed as a member of the Remuneration Committee and Nomination Committee, with effect from September 19, 2025.