New Focus Auto Tech Holdings Ltd. (Stock Code: 360) has been subjected to disciplinary action by The Stock Exchange of Hong Kong Limited due to accounting and disclosure issues. The company, along with five directors, faced criticism and censure for failing to disclose and seek shareholders' approval for several transactions in a timely and accurate manner. Notably, loans amounting to RMB205 million and RMB272 million, granted in December 2022 and January 2023 respectively, were not announced promptly. Additionally, the establishment of a new company in the PRC, led by executive director Mr. Tong Fei, was not reported to the board, constituting a discloseable and connected transaction. The directors involved have been directed to undergo additional training to address these compliance failures.
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