It was reported on December 29 that according to documents disclosed by the Hong Kong Stock Exchange on December 29, Excel Time Investments Limited sold off the market at an average price of HK$0.25 per share on December 22$SYNERTONE (01613.HK)$11.8 million common shares worth approximately HK$2.95 million. After the sale, Excel Time Investments Limited's latest shareholding was 53.814,300 shares, and the good position ratio dropped from 21.85% to 17.92%.
What is disclosure of interests?
As required by the Hong Kong Stock Exchange, major shareholders (individuals and companies holding 5% or more of shares) are required to disclose their share interests in listed companies. The directors and chief executives of a listed company are required to disclose their interests in shares and debentures in the listed company and companies associated with 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 interest in shares of listed companies, and (2) persons who may benefit from transactions involving linked entities of listed companies.