Alibaba Pictures stake puts actress Zhao Wei in disclosure spotlight
Delayed reporting of HK$3.1b purchase may have breached Hong Kong's disclosure law
Mainland movie star and director Zhao Wei and her husband may have breached Hong Kong's disclosure law by delaying the reporting of their HK$3.1 billion purchase of a 9.18 per cent stake in Alibaba Pictures for a month.
The couple made the purchase on December 20 but it was only disclosed in a stock exchange filing on January 23.
Hong Kong's securities law dealing with disclosure of shareholders' interest requires substantial shareholders who hold 5 per cent of a listed company to make a filing to the stock exchange on any shareholding change within three business days after the purchase or sale of the shares.
Initial reporting for those buying a 5 per cent stake or more for the first time must be filed within 10 business days.
A Securities and Futures Commission spokesman declined to say whether the regulator was looking into the case.
An Alibaba Pictures spokeswoman said: "The company is not in a position to comment as it is the obligation of shareholders to do the disclosure of interests filing."
Zhao and her husband were not available for comment yesterday.