It was reported on July 31 that according to documents disclosed by the Hong Kong Stock Exchange on July 31, Ruixing Investments Limited increased its OTC holdings at an average price of HK$0.068 per share on July 26$APPLIED DEV (00519.HK)$550 million common shares with a value of approximately HK$37.4 million. After the increase in holdings, the latest number of shares held by Ruixing Investments Limited was 550 million shares, and the ratio of good positions increased from 0.00% to 21.96%.
This transaction involves another related party: Wu Zhanming.
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.