On April 8, it was reported that according to documents disclosed by the Hong Kong Stock Exchange on April 8, Luxurious Bay Capital Limited increased its OTC holdings at an average price of HK$0.23 per share on April 3$I-CONTROL (01402.HK)$600 million common shares worth approximately HK$138 million. After the increase in holdings, Luxurious Bay Capital Limited's latest shareholding was 600 million shares, and the good position ratio rose from 0.00% to 57.12%.
The transaction involved other related parties: Knight Sky Holdings Ltd., Huang Jingqiang, Zheng Qiming, Newmark Group Limited, Zhan Meiqing, and Wong Lau Sau Yee.
Additional information: The filer as purchaser enters a conditional sale and purchase agreement in relation to sale and purchase of 600,000,000 shares of HK$0.01 each in the share capital of the listed corporation.What is disclosure of interests?
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 the stock interests of listed companies, and (2) persons who may benefit from transactions involving linked entities of listed companies.