(Yicai) Sept. 7 -- The chairman of Chinese photovoltaic giant Longi Green Energy Technology has increased his stake in Audiowell Electronics, a Beijing-listed manufacturer of smart sensors.

Zhong Baoshen raised his shareholding in Audiowell to nearly 6.1 percent from 1.4 percent through a block trade on Sept. 1, the Guangzhou-based target company said on Sept. 4.

The transaction was the first announced according to the individual shareholder disclosure rules of the Beijing Stock Exchange since the bourse’s establishment two years ago.

Zhong bought the shares from Dachen Chuangshi and Dachen Shengshi for CNY12.20 (USD1.67) each, a more than 15 percent premium on Audiowell’s closing price on Sept. 1.

Audiowell’s shares [BJ: 832491] soared 9.9 percent on the day of the announcement and nearly 13 percent the next day. The stock closed 5 percent lower at CNY12.64 (USD1.73) in Beijing today.

Zhong’s move reflects Audiowell board’s confidence in the company’s future and stock price, said the person in charge of the board secretary’s office. Longi’s investor relations department told Yicai that the investment was a personal decision on the part of the chairman.

Zhong and Audiowell’s Chairman Zhang Shuguang both attended the School of Physical Science and Technology at Lanzhou University in 1986.

Zhong took part in two of Audiowell’s private placements. He invested CNY375,000 (USD51,200) for 50,000 shares at CNY7.50 (USD1.02) apiece in 2015 and CNY19.6 million (USD2.7 million) for 1.4 million shares at CNY14 in 2016, according to Audiowell. In December 2018, Zhong became a director at Audiowell.

Zhong is also a director of magnetic equipment supplier Longi Magnet, one of the actual controllers of solar and chip equipment maker Linton, and chairman and general manager of investment firm Hainan Huizhi Investment.

Editor: Futura Costaglione