Wanwu Cloud Says Yao Jinsong’s Holdings Have Been Cut to Zero After Rule Breaches

Wanwu Cloud said in its 2026 interim report that 58 Group founder Yao Jinsong’s controlled entities repeatedly sold the company’s Hong Kong-listed shares in June and July without prior written notice, and that the July trades fell within the company’s interim results blackout period, according to Jiemian News. The company said the sales totaled about HK$209 million and left Yao with no remaining interest in any Wanwu Cloud H shares. According to the report, Yao’s controlled entities sold 6.74 million shares on the market between June 10 and June 29 at HK$16.03 to HK$20.70 each, then sold another 5.11 million shares between July 20 and July 30 at about HK$16.62 to HK$18.12 each. Wanwu Cloud said the relevant blackout period for its 2026 interim results ran from July 14 to August 13, and that the July disposals breached Hong Kong listing rules. Yao told the company the violations were an unintentional mistake by the team handling his external investments, and said he had not participated in or known about the sales plan. Yao first invested in the company in 2017, when the former Vanke Property brought in outside shareholders and he subscribed for a 5% stake through 58 Group for about 300 million yuan. He was appointed a non-executive director of Wanwu Cloud in March 2022. Wanwu Cloud also reported first-half revenue of 19.112 billion yuan, up 5.38% year on year, and profit attributable to owners of 782 million yuan, down 1.32%.