On December 4, according to documents disclosed by the Hong Kong Stock Exchange on December 4, Polaris Investment Management Limited sold OTC on November 30 at an average price of HK$0.44 per share$KINGKEY INT CUL (00550.HK)$30,2488,800 common shares, valued at approximately HK$13.3095 million. After the sale, the latest number of shares held by Polaris Investment Management Limited was 0 shares, and the good position ratio fell from 6.64% to 0.00%.
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.