On April 18, it was reported that according to documents disclosed by the Hong Kong Stock Exchange on April 18, Taobao China Holding Limited sold off the market at an average price of HK$87.13 per share on April 17$CLOUD MUSIC (09899.HK)$2.2 million common shares worth approximately HK$192 million. After the sale, Taobao China Holding Limited's latest shareholding was 17.8856 million shares, and the good position ratio dropped from 9.35% to 8.32%.
This transaction involves other related parties: Alibaba Group Holding Limited and Taobao Holding Limited.
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.