For each of the following scenarios, indicate whether in your opinion it is a violation of the HKICPA Code of Ethics. Specifically, for each scenario, choose one of the following options: (1) not likely to be a violation; (2) likely to be a violation; or (3) clearly a violation. For each scenario, clearly explain your reasoning.

Chan and Mo, CPAs, perform the annual financial statement audit for SoCal Ltd. Ann Mo, the partner in charge of the SoCal audit, owns shares in the Greenfield Investment Company. Greenfield owns approximately ten percent of the outstanding common stock of SoCal Ltd. Approximately 60 percent of SoCal's common stock is owned by another large investment fund that is independent of Chan and Mo, CPAs. Consequently, Greenfield cannot exert significant control over SoCal. The amount of Ann Mo's investment in Greenfield is immaterial to her net worth.