It was reported on January 16 that according to documents disclosed by the Hong Kong Stock Exchange on January 16, Xu Aihua sold at an average price of HK$0.3304 per share on January 10$HANG YICK HLDGS (01894.HK)$70 million common shares worth approximately HK$23.128 million. After the sale, Xu Aihua's latest shareholding was 55.545 million shares, and the good position ratio dropped from 15.69% to 6.58%.
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As required by the Hong Kong Stock Exchange, major shareholders (individuals and companies holding 5% or more of the shares) are required to disclose their share interests in listed companies. The directors and top executives of a listed company must disclose their interest in shares and debentures of the listed company and the company 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 interest in shares of listed companies, and (2) persons who may benefit from transactions involving linked entities of listed companies.