On July 12, it was reported that according to documents disclosed by the Hong Kong Stock Exchange on July 12, Mo Guiheng sold at an average price of HK$0.58 per share on July 12$UPBEST GROUP (00335.HK)$10,000 common shares worth approximately HK$5,800. After the sale, the latest number of shares held by Mo Guiheng was 984,200 shares, with a good position ratio of 0.04%.
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.