HKEX disclosure shenanigans: Interest in majority shareholding of Kantone Holdings 看通集團有限公司 (1059) only disclosed after almost 5 months
What else don't we know about what's going on at the Hong Kong stock exchange?
This is a very simple proof of the necessity of open public data:
On 31st May 2021 a different Hong Kong listed company, Champion Technology Holdings Limited (stock ticker 92) agreed to sell its stake in Kantone Holdings 看通集團有限公司 (1059). How do we know? Because they declared it only a day after the fact.
But who did they sell the stake to? That we didn’t know until last Sunday, 17th October 2021, almost 5 months later. (By the by, I don’t remember too many Sunday filings of this nature before. After so long, what’s the rush of filing on a weekend?). On that day a Mr/Ms Chan Koon Wa admitted that they became, via a BVI company, the buyer of those shares. Why did it take them almost 5 months to admit this simple fact? No explanation is provided, let alone an apology.
(Champion and Kantone have a history, and not a happy one, at least for investors).
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