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Zhejiang Shibao's Controlling Shareholder Terminates Share Sale Plan Early

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Zhejiang Shibao (HKG:1057) said its controlling shareholder, Shibao Holding, terminated its share sale plan early after reducing its stake by around 9.1 million A shares, or 1.11% of the company's total share capital.

Shibao Holding decided not to proceed with the sale of the remaining shares under the plan, according to a Tuesday Hong Kong bourse filing. The shareholder had originally proposed selling up to 24.7 million A shares, representing up to 3% of the company's total share capital, between May 22 and August 19.

Shares of the company rose nearly 1% in recent trade.

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