BRIEF: Clarity Medical director confronted by bankruptcy petition

1406.HK

Ophthalmology hospital operator Clarity Medical Group Holding Ltd. (1406.HK) announced Wednesday its executive director, Dr. Tse Wai Yip, has recently been subject to a bankruptcy petition filed against him by another doctor in the High Court of The Hong Kong Special Administrative Region, with the hearing set to take place on Oct. 29.

Tse is the founder of Clarity Medical and is “responsible for overseeing overall business administration and coordination of” the company, according to its latest annual report.

The petition comes not long after the company announced a series of changes to its board on Sept. 9, with Jiang Bo appointed as executive director and CEO, while former CEO Hui Yung Chris was re-designated as Co-CEO. The company also announced the resignations of non-executive director Ng Roy and independent non-executive director Ma Wai Hung Vincent.

Clarity Medical’s shares rose 1.3% to HK$0.395 when trading began on Thursday, though they are down by nearly half from their high this year of HK$0.77 in March.

By A. Au

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