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BOE Technology's Two Major Shareholders Plan to Dump Shares Worth up to USD600 Million
Yicai Global
DATE:  Nov 27 2017
/ SOURCE:  Yicai
BOE Technology's Two Major Shareholders Plan to Dump Shares Worth up to USD600 Million BOE Technology's Two Major Shareholders Plan to Dump Shares Worth up to USD600 Million

(Yicai Global) Nov. 27 -- Leading Chinese panel maker BOE Technology Group Co. [SHE:000725] has seen its shares rise sharply this year, driven by better-than-expected earnings growth.

However, the company's second- and third-biggest shareholders recently issued plans to jettison their holdings in a volume up to USD606.1 million (CNY4 billion).

BOE's second-largest shareholder, an investment firm in Chongqing, said two days ago that it will sell up to 347 million BOE shares, or 1 percent of the company's total, in the next three months to meet the requirements of business plans.

BOE's third-biggest shareholder, an investment firm in Hefei, capital of East China's Anhui province, released a similar share sale plan five days ago, citing funding arrangements.

The two shareholders hold an 8.62 percent and 8.21 percent stake in BOE, respectively. Beijing State-owned Capital Management Center, the company's top shareholder, retained a 11.68 percent stake, per data as of Sept. 30 this year.

BOE shares have kept declining since the release of the first share reduction plan, down 6.48 percent and 4.62 percent in the past two trading days, and down another 7.09 percent at CNY5.37 by midday today. However, the company's share price has risen nearly 90 percent over earlier this year.

 

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Keywords:   MSCI