(Yicai Global) Aug. 25 -- Four senior executives of Guangdong Anjubao Digital Technology Co. [SHE:300155] are planning to cut ditch their shares, ostensibly for personal financial reasons.

The company introduced an Employee Stock Ownership Plan (ESOP) two months ago, in which 21 employees partook.

Senior executives who plan to reduce their stake include General Manager Chen Ping and Vice General Manager Huang Weining. Four senior executives plan to jettison 394,400 shares in total, per Anjubao's announcement yesterday. Speculation that the ESOP prompted the divestiture decision remains unsubstantiated.

The proportion of these shares makes up a mere 0.07 percent of those outstanding. After this divesture wraps up Chairman Zhang Bo will stay on as controlling shareholder with 37.88 percent of shares.  

Anjubao instituted its ESOP early in the June with 21 employees participating. They hold 265,600 shares worth about USD359,800 (CNY2.4 million).

Anjubao's core business is developing systems for smart homes and burglar alarms. The company has struck a cooperative agreement with landmark property developer Country Garden Holdings Co. [HKG:2007] to promote and popularize smart home products. Its parking management business has also begun to achieve returns with the introduction of the ESOP. Zhang is full of confidence in the firm's future performance. The company's share price declined 3.21 percent to close today at CNY7.24, but whether the announcement drove this drop is likewise unclear.