Shanghai Henlius Biotech Inc. (Stock Code: 2696) has been censured by The Stock Exchange of Hong Kong Limited for inadequate internal controls related to the monitoring of IPO proceeds. The company and its former executive director, Dr. Scott Shi-Kau Liu, faced disciplinary action for failing to disclose important financial information in their annual reports and for not adhering to the intended use of IPO proceeds. Dr. Liu has been directed to undergo 26 hours of training on regulatory and legal topics. The company did not contest the breaches and has accepted the sanctions. This action emphasizes the importance of compliance with listing rules and the need for effective internal controls.
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