On November 27, according to documents disclosed by the Hong Kong Stock Exchange on November 27, Wang Lei increased his OTC holdings by an average price of HK$0.1 per share on November 22$ZHONGSHI MINAN (08283.HK)$300 million common stock shares, worth approximately HK$30 million. After increasing his holdings, Wang Lei's latest shareholding was 591 million shares, and the good position ratio rose from 14.54% to 29.54%.
The transaction involved another related party: Li Lidan.
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.