Wanwuyun (02602.HK) disclosed matters related to non-executive director Yao Jinbo’s illegal shareholding reduction in the recently released 2026 interim report.
According to disclosures, Wanwu Cloud’s non-executive director Yao Jinbo recently learned that Yao Jinbo sold a total of 6.74 million H shares of Wanwu Cloud through on-market transactions between June 10 and June 29, 2026. The transaction price of the stock sales ranged from approximately HK$16.03 to approximately HK$20.70.
Similar operations were staged again in July. Wanwuyun disclosed that between July 20 and July 31, 2026, Yao Jinbo sold a total of 5.1089 million H shares of listed companies through on-market transactions, and the relevant transaction prices ranged from approximately HK$16.62 to approximately HK$18.12.
A rough calculation shows that in two rounds of reductions, Yao Jinbo has cashed out more than HK$200 million, or about 178 million yuan.
However, as a non-executive director of Wanwuyun, Yao Jinbo should notify the listed company before reducing his holdings.
According to paragraph B.8 of Appendix C3 of the Hong Kong Stock Exchange Listing Rules, a listed company may not buy or sell any securities of the listed company without notifying the chairman of the board of directors or designated director in writing and obtaining a dated confirmation. Yao Jinbo did not give any prior written notice to Wanwuyun for the above two rounds of reductions.
In addition, a round of holding reductions in July also involved another violation. According to paragraph A.3 of Appendix C3 of the Listing Rules, on the day the listed company publishes its financial results and the 30 days before the date of publishing its semi-annual results, there is a lock-up period, and directors of the listed company are not allowed to buy or sell any securities of the listed company they hold.
Wanwuyun disclosed that the relevant lock-up period for its 2026 interim performance report is July 14-August 13, 2026. Yao Jinbo’s holding reduction in July was carried out between July 20 and July 31, and was within the lock-up period, which constituted a violation of Article A.3 of Appendix C3 of the Listing Rules.
Yao Jinbo reported the above-mentioned violation to Wanwuyun and confirmed that the violation was an unintentional mistake by the relevant management team responsible for its external investments and was not a deliberate act by himself. At the same time, Yao Jinbo stated that he himself did not participate in and was not aware of the above-mentioned management team’s plans to conduct such sales, and did not have any inside information about Wanwuyun at the time of such sales.
After the violation occurred, Yao Jinbo stated that he had re-studied the securities trading code for directors and top executives of Wanwuyun, and actively arranged for the team to complete training courses on listing rules, regulatory compliance and corporate governance, strictly implemented the relevant internal reporting and approval mechanisms, and improved internal control measures to ensure that the provisions of Appendix C3 of the listing rules would not be violated in the future, and would remain vigilant to avoid recurrence of non-compliance.
Yao Jinbo’s investment in Wanwuyun began in 2017. At that time, Vanke Service (formerly known as Wanwuyun) introduced external shareholders. Yao Jinbo spent approximately 300 million yuan as a strategic investor through 58 Group to subscribe for 5% of the equity of Vanke Service. In March 2022, Yao Jinbo was appointed as a non-executive director of Wanwuyun.
At the end of December 2021, before the listing of Wanwu Cloud, Yao Jinbo transferred 2.14% of his equity in Wanwu Cloud and cashed out about 1.991 billion yuan. He was safe and his shareholding ratio also dropped to 2.86%, which was further diluted to 2.55% due to the listing. In April 2024, Yao Jinbo conducted a round of reduction of holdings, and the shareholding ratio dropped to 1%.
