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Company announcement, 7-Jul-2017
Comment: if Belle is not involved in the purchase of shares by 300 employees, all or most of whom promptly withdrew their shares from CCASS to become registered shareholders, then how does it know that they all paid either $6.09 or $6.10 on 2 trading days? Although Belle has 111,700 employees, most of them are on the mainland and unable to buy shares directly in HK. Only 0.8% of staff were outside the mainland at the time of the IPO in 2007. So it seems that a significant portion of HK staff bought shares just for the 20-cent gain per share (before expenses) that the privatisation would provide.
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