On May 17, it was reported that according to documents disclosed by the Hong Kong Stock Exchange on May 17, Li Kaifu sold at an average price of $2.1,734 per share on May 14$ZHIHU-W (02390.HK)$2,967 million common shares worth approximately US$6.448,6 million. After the sale, Li Kaifu's latest shareholding was 15.555 million shares, and the good position ratio dropped from 6.37% to 4.99%.
Additional information: The relevant event was a sale of a total 2,967,040 shares and the shareholder citing to have a notidious interest following the relevant event.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.