Dapai slapped with SGX notice of compliance for making false, misleading statements on China expansion

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SINGAPORE (July 16): China-based backpack manufacturer Dapai International has been hit with a notice of compliance by the Singapore Exchange Regulation (SGX RegCo) for making false and misleading statements and disclosures regarding the group’s plans to open 500 retail outlets in China, which was first said to be undertaken in late 2009.

Dapai’s executive chairman Chen Xizhong, former CEO Chen Yong, and former CFO Lawrence Lam were named together with the group in SGX RegCo’s public reprimand issued on Thursday.

In all, the regulator says it is of the view that these three parties – who were then responsible for transactions relating the groups proposed opening of the 500 outlets – failed to “demonstrate the character and integrity expected of directors and management of listed issuers”... (Click here to read the full story)