Hong Kong Immigration focuses on Hong Kong News: The mother of the Kwan brothers of the wealthy family from New World Development, Mrs. Kwan (Kwan Siu Ching), recently divided her family's assets, distributing a portion of her shares worth approximately HKD 33.5 billion to her two sons.
According to the disclosure of interests on the Hong Kong Stock Exchange, Mrs. Kwan significantly reduced her shareholding on November 29, decreasing it from 43.43% to 30.79%, a reduction of approximately 12.64 percentage points. Meanwhile, her two sons, Kwan Ping Keung and Kwan Ping Lun, along with their four sons, each increased their shareholding by 6.32 percentage points. As for the eldest son, Kwan Ping Heung, he did not participate in this equity change. The share price of New World Development fell by 0.701% to close at HKD 99.2 per share on the 3rd.
According to the disclosed interests, Mrs. Kwan has reduced her holding by 338 million shares of New World Development, but the selling price has not been disclosed. If calculated at the closing price of HKD 99.55 per share on the trading day, the value of the shares involved is approximately HKD 33.6 billion. Following this equity change, executive directors Kwan Ho Lai (son of co-chairman Kwan Ping Lun) and Kwan Kei Fai (son of co-chairman Kwan Ping Keung) increased their shareholding from approximately 14% to around 20%. Additionally, the brothers Kwan Ping Keung and Kwan Ping Lun increased their respective shareholdings from 9.9% to around 16%.
Mrs. Kwan's reduction reached 338 million shares.
In recent years, New World Development has faced numerous controversies. After the earlier inheritance dispute which saw the eldest son Kwan Ping Heung excluded from the board of directors, last year several senior executives, including Kwan Ping Keung and Kwan Ping Lun, were also involved in suspected corruption cases. To avoid a management vacuum, New World Development appointed Kwan Ping Keung’s son Kwan Kei Fai and Kwan Ping Lun’s son Kwan Ho Lai as alternate directors for their respective fathers, while Kwan Ping Keung and Kwan Ping Lun continued to serve as co-chairmen and managing directors.
Data shows that Mrs. Kwan reorganized the Kwan Family Fund in 2010, splitting the fund, which held approximately 42% of New World Development shares, into three parts: one for Kwan Ping Lun and his family, another for Kwan Ping Keung and his family, and the remaining part solely for Kwan Ping Heung's family, leaving him with no share. This action dissatisfied Kwan Ping Heung, who claimed to still own the family trust fund; however, New World Development stated that the document held by Kwan Ping Heung was overdue and invalid, indicating that he held no rights in the family fund.
