On October 6, it was reported that according to documents disclosed by the Hong Kong Stock Exchange on October 6, China Development Financial Holding Corporation sold at an average price of HK$0.0129 per share on October 3$HUASHENG INTL (01323.HK)$893 million common shares worth approximately HK$11517,900. After the sale, the latest number of shares held by China Development Financial Holding Corporation was 26.035 million shares, and the ratio of good positions dropped from 21.89% to 0.62%.
The transaction involved other related parties: KGI Asia Limited and KGI Securities Co. Ltd..
Additional information: KGI Asia Limited has completed forced liquidation of an aggregate number of 892,862,000 shares in the listed corporation as restricted of security interest in such shares.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.