HKEX Sanctions Three Former China Bright Directors for Non-Cooperation

Exchange’s Disciplinary Action against Three Former Directors of China Bright Culture Group (Delisted, Previous Stock Code: 1859)

Regulatory 21 Apr 2026 香港聯合交易所有限公司
(香港交易及結算所有限公司全資附屬公司)
THE STOCK EXCHANGE OF HONG KONG LIMITED
(A wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited)

The Stock Exchange of Hong Kong Limited

IMPOSES A DIRECTOR UNSUITABILITY STATEMENT 1 and CENSURE against:

1. Mr Liu Mu, former executive director, chairman and chief executive officer of China Bright Culture Group (Delisted, Previous Stock Code: 1859) at the time of the Company’s delisting;
2. Mr Xia Rui, former executive director of the Company at the time of the Company’s delisting; and
3. Ms Yao Li, former independent non-executive director of the Company at the time of the Company’s delisting. The Exchange conducted an investigation into the discharge of directors’ duties and obligations by Mr Liu, Mr Xia and Ms Yao. As part of the investigation, the Exchange sent investigation and reminder letters to each of them. They did not respond and failed to cooperate in the investigation. Mr Xia refused to provide his up-to-date contact information despite the Exchange’s request when speaking to him on the phone.

| Key messages:

**Cooperation with the Exchange is essential. Failure to cooperate in the Exchange’s investigation is a serious breach of the Listing Rules and may result in the imposition of the most serious disciplinary sanction.

A director’s obligation to cooperate and provide up-to-date contact information does not lapse after the delisting of the issuer.** |

The Statement of Disciplinary Action is available on the HKEX website.

Note:

1. The Director Unsuitability Statement is a statement that, in the Exchange’s opinion, each of Mr Liu, Mr Xia and Ms Yao is unsuitable to occupy a position as director or within senior management of the Company or any of its subsidiaries.

Ends

Updated 21 Apr 2026