Hong Kong-listed Tai Hing Group Holdings Limited announced that the Securities and Futures Commission (SFC) has initiated legal proceedings in the Court of First Instance against 11 former directors of Target Insurance (Holdings) Limited, including Mr. Wong Shiu Hoi, who currently serves as an independent non-executive director (INED) of Tai Hing Group. The case, brought under section 214 of the Securities and Futures Ordinance, seeks disqualification orders for the directors and compels Target Insurance’s former chairman, Mr. Ng Yu, to buy out public shareholders’ stakes following an alleged breach of fiduciary duties that led to the company’s delisting.

Tai Hing Group clarified that the SFC action pertains solely to Target Insurance and does not involve its own directors or senior management, apart from Mr. Wong’s acknowledged participation in the proceedings. Mr. Wong is obtaining legal advice and intends to contest the claims; as of the announcement date, no binding court decision has been made against him.

After an internal review—conducted by all board members except Mr. Wong—the board concluded that the litigation poses no material impact on Tai Hing Group’s business, operations or Mr. Wong’s ability to perform his duties as an INED. The company stated it will continue to monitor the case and release further updates when appropriate.