On April 25, it was reported that according to documents disclosed by the Hong Kong Stock Exchange on April 25, Zhang Yan sold OTC on January 23 at an average price of HK$0.042 per share$ZJ UNITED INV (08366.HK)$78 million common shares worth approximately HK$3.276,000. After the sale, Zhang Yan recently held 80 million shares, and the percentage of good positions dropped from 10.02% to 5.07%.
What is disclosure of interests?
According to the requirements of the Hong Kong Stock Exchange, major shareholders (individuals and companies holding 5% or more of the shares) are required to disclose their shareholding interests in listed companies. The directors and top executives of a listed company are required to disclose their interests in the shares and debentures of the listed company and companies linked to the listed company.
Why is disclosure of interests important?
Disclosure of interests allows investors to identify (1) persons who control or are capable of controlling the stock interests of listed companies, and (2) persons who may benefit from transactions involving linked entities of listed companies.