On May 8, it was reported that according to documents disclosed by the Hong Kong Stock Exchange on May 8, WG International (BVI) Limited sold OTC on May 2 at an average price of HK$0.1 per share$WEI YUAN HLDG (01343.HK)$255 million common shares worth approximately HK$25.536 million. After the sale, the latest number of shares held by WG International (BVI) Limited was 543 million shares, and the good position ratio dropped from 75.00% to 51.00%.
The transaction involved other related parties: Kwee Lim Chai, May Lan Phang, Kip Moi Pang, Mei Lian Ng, Tian Fah Ng, Tian Kew Ng, Tian Soo Ng, Siaw Tien Tang, and Teck Men Chen.
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.