Glory Health Industry Limited (Glory Health) has released a voluntary announcement detailing the rollout of its Internal Control Manual (Version V1.0). The framework, effective 1 July 2025, applies to the headquarters and all subsidiaries and is designed to align operations with the Listing Rules and the Corporate Governance Code of the Stock Exchange of Hong Kong.
Key features of the Manual • Scope: Five modules—corporate governance, financial controls, human resources, operational controls, compliance management and internal audit—cover the full business cycle. • Oversight: The Board holds primary responsibility, supported by an Internal Control Committee of at least three directors and a Compliance Department staffed with qualified professionals in law, accounting and governance.
Targeted rectification of eight historical breaches The Manual embeds specific remedies for issues dating from December 2023 to November 2024, including: 1. Insufficient independent non-executive directors for 11 months. The Human Resources Department must now complete by-elections within three months of notice. 2. Lapse of share registrar services for more than two months. A standing roster of at least three alternative registrars has been established. 3. Seven-month vacancy in the company secretary role. A pre-screened talent pool will provide immediate replacements. 4–8. Delays in board notices, blackout-period notifications, disclosure of auditor resignation, interim-results review statements, and monthly returns. Each has been assigned clear time-bound procedures, most requiring action within 24 hours of triggering events.
Dedicated compliance budget To prevent future lapses caused by liquidity constraints, a ring-fenced budget prioritises payments for directors’ remuneration and external professional fees. The Chairman oversees utilisation, while the Finance Department and Board Secretary prepare annual funding plans subject to Board approval and continuous monitoring.
Implementation assurance The Audit Committee has reviewed the Manual and concluded that full execution will resolve past non-compliance and embed preventive mechanisms. Glory Health also commits to periodic reviews to ensure the Manual evolves with regulatory changes and business development.