Hong Kong’s stock exchange censured Sun Hongbin, the billionaire founder and chairman of developer Sunac China Holdings Ltd., and ordered him to undertake 26 hours of compliance training for misleading statements put out by the firm in 2015.
The case related to statements on Sunac’s plan to purchase HK$4.6 billion ($590 million) of shares of the then troubled Kaisa Group Holdings Ltd, a deal that ultimately didn’t go ahead. Sunac failed to disclose a supplemental agreement, the exchange said in a statement on Thursday.
The incident puts a focus on corporate governance at a high-profile Chinese developer, which has this ...
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