STOCKS | Yimeng OncoBio Says HKEX Questions Loan Exemption; Independent Approval Needed

Yimeng OncoBio Pharmaceutical (1541) said HKEX has questioned whether a partial exemption applies to a loan transaction involving its chairman, according to Ming Pao. The company, which listed in September 2023, announced in February that it would provide a one-year loan of about RMB13.4247 million to chairman Tian Wenzhi for tax compliance purposes, with interest linked to the National Interbank Funding Center’s one-year quoted rate. It said HKEX sent a letter on June 24 stating the partial exemption clause does not apply. HKEX said the transaction requires an independent financial adviser’s opinion and approval by independent shareholders.