Cheng Kar Shun buys 5m Chow Tai Fook shares for HK$54.82m
Disclosure of Interests filings at the Hong Kong exchange record purchases on 18, 21, 22, 23 and 24 September. They ran through Dragon Noble Group, a British Virgin Islands company he wholly owns, lifting his stake from 0.25% to 0.30%.
Five sessions, one buyer. Chow Tai Fook's chairman bought 5,000,000 shares across five consecutive trading sessions to 24 September. Each purchase was disclosed to the Hong Kong exchange the next business day.
If you hold the stock: The five average prices ran from HK$10.93 to HK$11.00. The shares closed at HK$10.97 on 25 September, inside that band.
If you track the family holding: His interest rose from 24,399,400 shares to 29,399,400, a gain of 20.49% on the desk's arithmetic.
What this is not: A company buyback, a takeover move or a change of control. These are one director's own purchases through a company he owns, not treasury action by Chow Tai Fook, and no offer has been made.
| Event date (2026) | Shares | Average price (HKD) | Consideration (HKD) | Holding after | % of issued |
|---|---|---|---|---|---|
| 18 September | 200,000 | 10.9800 | 2,196,000 | 24,599,400 | 0.25% |
| 21 September | 820,000 | 10.9300 | 8,962,600 | 25,419,400 | 0.26% |
| 22 September | 2,090,200 | 10.9755 | 22,940,990 | 27,509,600 | 0.28% |
| 23 September | 260,000 | 11.0000 | 2,860,000 | 27,769,600 | 0.28% |
| 24 September | 1,629,800 | 10.9608 | 17,863,912 | 29,399,400 | 0.30% |
| Total | 5,000,000 | 10.9647 weighted | 54,823,502 | +5,000,000 |
IA BVI company held the shares
One vehicle throughout. All five Form 3A filings name Dragon Noble Group Limited, a British Virgin Islands company Cheng Kar Shun controls in full.
The code says purchased. Each filing carries reason code 1101, which the form spells out as an increase because you purchased the shares.
IIThe price sat near the low
A narrow band. The five average prices span HK$10.93 to HK$11.00, seven Hong Kong cents apart.
Far below the high. The 25 September close of HK$10.97 is 64.72% of the HK$16.95 52-week high, so 35.28% below it.
IIIEach filing came the next day
A one-day lag. The 18 and 21 September events were both filed on 22 September, the first business day after the later of the two.
Then day by day. The 22, 23 and 24 September events were filed on 23, 24 and 25 September.
01What would change this call+
A sixth filing in the other direction, or a company announcement that reframes these purchases as part of something larger. A buyback authorisation, a placement, or a transaction by the controlling shareholder would all change what a 0.0507 percentage-point personal increase means. The filings themselves state no intention, so any reading of motive here would be invention rather than reporting, and none is offered.
02What a Form 3A does and does not say+
Hong Kong's Disclosure of Interests regime requires a director to notify the exchange of a change in his interest in the listed corporation's shares, and the notice is published on di.hkex.com.hk as a Form 3A. The form carries the date of the relevant event, the number of shares involved, the highest and average price per share, the capacity in which the interest is held, and the total holding and percentage immediately before and immediately after. It does not carry a consideration total, a motive, or a statement of intent. That is why a money figure for a run of purchases has to be built by multiplying each filing's own share count by its own average price and summing the results, and why it is labelled here as the desk's arithmetic rather than as a disclosed figure. The capacity code is the part most easily missed: code 2201 means the shares are held by a corporation the director controls, not in his own name, so a reader looking for the shares in a personal account would not find them.
03Method · the desk’s arithmetic+
The Hong Kong exchange's own Disclosure of Interests database was searched directly rather than through any wire. The corporation search at di.hkex.com.hk returned Chow Tai Fook Jewellery Group Ltd. under stock code 01929 for 1 to 26 September 2026, and the directors' notice list returned twelve records, of which five are purchases by Cheng Kar Shun with event dates 18, 21, 22, 23 and 24 September 2026. Each of those five Form 3A notices was then opened individually at its own address and read: DA20260922E00059, DA20260922E00058, DA20260923E00050, DA20260924E00067 and DA20260925E00059. All five carry capacity code 2201 and name Dragon Noble Group Limited, of Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, British Virgin Islands, with Cheng Kar Shun shown at 100.00% control; all five carry reason code 1101, whose text on the form reads that the number of shares in which you are interested has increased because you purchased the shares; and all five give the number of issued shares in class as 9,866,331,200. That sentence was checked against each of the five documents, not inferred from one of them. The share price of HK$10.97 for 25 September, the 52-week range of HK$10.34 to HK$16.95 and the estimated earnings date of 25 November 2026 were read from stockanalysis.com's HKG:1929 quote page, timestamped 25 September 2026 at 4:08 PM Hong Kong time; that page's share count of 9.87bn agrees with the filings' 9,866,331,200. The arithmetic is the desk's own and is shown so it can be checked: 200,000 x 10.9800 = 2,196,000; 820,000 x 10.9300 = 8,962,600; 2,090,200 x 10.9755 = 22,940,990; 260,000 x 11.0000 = 2,860,000; 1,629,800 x 10.9608 = 17,863,912; the five products sum to 54,823,502 and the five share counts sum to 5,000,000, giving a weighted average of 10.9647. The holding check is 29,399,400 minus 24,399,400 = 5,000,000, which matches. The stake gain is 5,000,000 of 9,866,331,200, or 0.0507 percentage points, and the rise in his own holding is 29,399,400 / 24,399,400 = 1.2049, so 20.49% larger. The 52-week comparison is printed both ways so the base is visible: 10.97 / 16.95 = 64.72% of the high, therefore 35.28% below it. The archive was checked by opening every hit. A search of the site for Cheng Kar Shun returns nothing. A search for Chow Tai Fook returns several articles and each was opened: the RMB 10bn panda-bond registration of 12 September, the full-year results, and store-opening coverage. None of them concerns a director's share dealings, and none covers the period 18 to 24 September 2026, so the verdict is new rather than repeat: same company, a bond registration and a results period previously, five days of director purchases now. This desk's own Bureau ranked the item single-source-class on Mandarin and English financial wires with no primary document read; that gap is closed here by reading the regulator's record, and no wire figure has been carried into this article. No motive is attributed to the buyer and none is stated on the filings.
04Sources7 documents
- List of DI notices filed by directors, Chow Tai Fook Jewellery Group (01929), 1-26 September 2026, HKEX ↗
- Form 3A DA20260922E00059, Cheng Kar Shun, event 18 September 2026 ↗
- Form 3A DA20260922E00058, Cheng Kar Shun, event 21 September 2026 ↗
- Form 3A DA20260923E00050, Cheng Kar Shun, event 22 September 2026 ↗
- Form 3A DA20260924E00067, Cheng Kar Shun, event 23 September 2026 ↗
- Form 3A DA20260925E00059, Cheng Kar Shun, event 24 September 2026 ↗
- Chow Tai Fook Jewellery Group (HKG:1929) quote, close 25 September 2026, stockanalysis.com ↗
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