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Haixing Electronics Says Controller's Acting-In-Concert Party to Trim Company Stake

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Nantong Haixing Electronics (SHA:603115) said the acting-in-concert party of its controlling shareholder, Nantong Xinhaixing Investment, plans to reduce its holdings in the company by 2%, according to a Shanghai bourse filing on Thursday.

Nantong Lianli Investment Management will offload 4,837,800 shares between Aug. 7 and Nov. 6 through block trading to supplement its funding needs.

Currently, Lianli Investment owns 14,820,000 shares, or 6.13% of the company's total shares.

The Chinese electronic energy storage materials maker's shares dropped 10% at the close.

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