Asia
Hangzhou Lion Electronics Says Concerted Parties to Sell 1% Stake
Hangzhou Lion Electronics (SHA:605358) said concerted shareholder parties-Hongxiang Investment, Hongwan Investment and Shanghai Jinruida-plan to reduce holdings by up to 7.7 million shares, or 1% of total equity, to meet the capital needs of employee shareholders.The reduction will be conducted via block trading between Aug. 3 and Nov. 2, according to a Friday filing with the Shanghai bourse.The three entities, all controlled by or affiliated with actual controller Wang Minwen, collectively hold 7.32% of the company.Shares of the semiconductor wafer manufacturer rose 2% in recent trade.
SHA:605358
