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Greatstar's Controlling Shareholder Plans to Divest Part of Company Stake

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Hangzhou Greatstar Industrial's (SHE:002444) controlling shareholder, Gigadevice Holding Group, plans to divest 0.29% of the company's share capital, or 3.5 million shares, according to a Thursday filing on the Shenzhen bourse.

The final price will be determined based on the market price on the trading day. The transfer period will be between July 1 and Sept. 30.

The stake will be transferred to Qiu Jianping through block trading.

After the transaction, Gigadevice's holdings in the power tool maker will decline to 38.53% from 38.82%, while Qiu's stake will rise to 4.18% from 3.89%.

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