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. Zhao, one of the mainland's most famous television and movie actresses, and her husband, businessman Huang Youlong, bought 1.93 billion Alibaba Pictures shares for HK$3.1 billion on December 20. They paid an average price of HK$1.60 per share and became the firm's second-largest shareholder with a 9.18 per cent stake, according to their filing to the stock exchange on January 23. Mainland e-commerce giant Alibaba Group holds a 60.99 per cent stake and is the largest shareholder of Alibaba Pictures, which produces movies, television series and conducts magazine and newspaper businesses. Hong Kong-listed Alibaba Pictures gave a profit warning on Monday, saying it would report a loss of not more than HK$600 million for last year. That compares with a profit of HK$235 million in 2013. The company said the loss for last year was mainly due to a significant drop in revenue as a result of delays in distribution of certain television drama series and cancellation and delays of some movie projects last year. In addition, its magazine businesses also faced a decline of advertising revenue. It also suffered from HK$393 million in asset impairment provisions and fair value change in warrants in the six months to the end of June, the company said. Hangzhou-based Alibaba Group's acquisition of a 60 per cent stake in Alibaba Pictures, then known as ChinaVision, for HK$6.24 billion was completed in June. Shares in Alibaba Pictures closed up 1.212 per cent yesterday at HK$1.67.