The Securities and Futures Commission (SFC) has obtained disqualification orders in the Court of First Instance against another five former directors of Superb Summit International Group Limited (Superb Summit). They are Mr Law Wai Fai, Mr Li Jun and Mr Cheng Man For, former executive directors of Superb Summit, and Mr Qiu Jizhi and Mr Chan Chi Yuen, former independent non-executive directors of the company (Notes 1 to 3).

To date, a total of 10 former directors of Superb Summit were disqualified (Note 4).

Under the orders, Chan was disqualified for four years, Law and Cheng each for three and a half years, Qiu for three years, and Li for two and a half years. Whilst the orders against them remain in force, they are banned from being a director or being involved in the management of any corporation incorporated in Hong Kong or elsewhere. They were also ordered to pay the SFC’s costs in the proceedings (Notes 5 and 6).

The disqualification orders were made after the five former directors admitted to breaching their duties and being negligent in approving Superb Summit’s acquisitions of a target company in 2007 (2007 acquisition) and/or 2009 (2009 acquisition) which purportedly held forestry assets that did not exist.

Regarding the 2007 acquisition, Law, Li, Qiu and Chan failed to review key documents or scrutinise the methodologies and assumptions used by professionals during due diligence. As for the 2009 acquisition, Law, Cheng and Chan failed to properly consider the ownership of the alleged forestry assets, and the trio approved an announcement which contained false or misleading information about the non-existent forestry assets.

The SFC’s proceedings against other former directors and officers of Superb Summit are ongoing.

Notes:

1. Superb Summit’s shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited on 18 September 2001. The listing of its shares was cancelled with effect from 4 June 2020.
2. Law was an executive director (ED) from 31 July 2001 to 22 June 2010, the company secretary from 31 July 2001 to 2 February 2007, and the financial controller from 2000 to June 2010. Li was an ED and the vice chairman from 2 February 2007 to 10 February 2009. Cheng was an ED from 23 October 2007 to 22 October 2012 and the company secretary from 2 February 2007 to 9 October 2012. Qiu was an independent non-executive director (INED) from 1 December 2005 to 19 August 2008. Chan was an INED and from 11 April 2007 to 24 June 2010.
3. The SFC commenced proceedings under section 214 of the Securities and Futures Ordinance in December 2020.
4. On 13 June 2025, the SFC obtained disqualification orders in the same proceedings against four former EDs, Lee Chi Kong for 10 years; Lam Ping Kei, Wong Choi Fung and Yeung Kwong Lun for five years respectively; and a former INED, Wong Yun Kuen for seven years. Please see the SFC’s press release dated 11 July 2025.
5. The judgment is available on the Judiciary’s website(Case No. HCMP 2305/2020).
6. The orders were made following the Court’s approval that the proceedings could be disposed of by way of Carecraft procedure where the Court determines the appropriate orders to be made based on an agreed statement of facts and agreed proposed orders.