According to documents disclosed by the US Securities and Exchange Commission (SEC) on May 21, US Eastern Timecascadeslots,$Xinye Technology (FINVcascadeslots.US)$executive Ho Simon Tak Leung plans to sell 644,600 ordinary shares on May 22, with a total market value of approximately US$3.3263 million.
Image source: SEC announcement
What is Form 144?
Rule 144 of the U.S. Securities Act of 1933 stipulates that: related parties in a listed company (major shareholders, company executives and board members holding more than 10% of the shares) and shareholders who obtain shares from related parties (such shares are restricted securities or controlled securities) must comply with strict disclosure procedures when selling such shares, and must file Form 144 documents with the SEC before selling.
Among them, related parties must hold securities for at least six months, and the number of shares sold must not exceed 1% of the total issued shares. Related parties must file this form with the SEC when the number of shares sold exceeds 5,000 shares, or when the total market value exceeds US$50,000 in any three-month period.