ONEWO disclosed in its audited interim report for 2026, released on September 10, that 58.com founder, chairman, and CEO Yao Jingbo, through his controlled 58-affiliated entities, conducted multiple share sales of ONEWO in June and July 2026, ultimately liquidating his entire stake and cashing out approximately HK$209 million. The financial report revealed that Yao informed the company that from June 10 to June 29, his controlled 58-affiliated entities reduced their holdings by a total of 6.74 million shares through on-market transactions, with trading prices ranging between HK$16.03 and HK$20.70 per share.
From July 20 to July 30, Yao's 58-affiliated entities again sold 5.11 million shares of ONEWO through on-market trades, with transaction prices ranging from approximately HK$16.62 to HK$18.12 per share. According to the financial report, following these sales and as of the latest practicable date, Yao is no longer considered to hold any interests in the H shares of ONEWO, meaning his shareholding in the company has officially been reduced to zero.
As per paragraph A.3 of Appendix C3 of the Listing Rules, directors are prohibited from trading any securities of the company during the period commencing on the date of publication of the company's financial results and the 30-day period immediately preceding the publication date of the interim results for the six months ended June 30, 2026, as well as during any period of delay in publishing the interim results announcement ("closed period"). As disclosed in the company's announcement dated July 29, 2026, the board meeting for publishing the interim results was scheduled for August 13, 2026, and accordingly, the closed period began on July 14, 2026, and ended on August 13, 2026. Therefore, the June sales constituted a breach under paragraph B.8 of Appendix C3 of the Listing Rules, while the July sales were conducted during the closed period, constituting breaches under paragraphs A.3 and B.8 of Appendix C3.
ONEWO stated in its financial report that Yao has reported the breach to the company and confirmed that the violation was an inadvertent mistake by the management team at 58.com Inc., which is responsible for its external investments, including investments made through Dream Landing. Yao further confirmed that he was not personally involved in nor aware of the management team's plans for these sales, and at the time of these transactions, he did not possess any inside information regarding the company.
Following the breach, Yao has re-studied the company's code of conduct for securities transactions by directors and senior executives, proactively arranged for his team to complete training courses on Listing Rules, regulatory compliance, and corporate governance, strictly implemented internal reporting and approval mechanisms, and enhanced internal control measures to ensure future compliance with the provisions of Appendix C3 of the Listing Rules. He also committed to remaining vigilant to prevent any recurrence of non-compliance.
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