On December 6, according to documents disclosed by the Hong Kong Stock Exchange on December 6, Xia Feng sold at an average price of HK$4.04 per share on December 6$BAOYE GROUP (02355.HK)$1 million H shares, worth approximately HK$4.04 million. After the sale, the latest number of shares held by Xia Feng was 770,000 shares, and the good position ratio fell from 1.04% to 0.45%.
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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.