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Xinfengming Shareholders Offload Shares for 753 Million Yuan

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Xinfengming (SHA:603225) said two shareholders have divested a portion of their stakes for a combined 753.5 million yuan, according to a filing with the Shanghai Stock Exchange.

Company controller Qu Fengqi sold 23.47 million shares, representing 1.4% of the company's total equity, through block trading. Tongxiang Zhongju Investment offloaded 16.77 million shares, or roughly 1% of total equity, via centralized bidding for 316.1 million yuan.

The divestments were carried out between July 2 and Sept. 9.

The Chinese polyester fiber maker's shares fell nearly 2% during the afternoon trade.

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