(Yicai Global) Nov. 22 -- Unisplendour's share price fell today after the electronics unit under Beijing's Tsinghua University said that its controlling shareholder and four other parties will jointly unload a small stake in it within six months.
Unisplendour's [SHE: 000930] stock price fell by 4.9 percent to CNY27.20 (USD3.90) this morning. The shares have dropped by almost one-half from this year's peak in March.
Tibet Ziguang Communication Investment, which now has a 54.5 percent stake in Unisplendour, and four other shareholders with 10.4 percent stakes will try to jointly sell a 6 percent stake but not more than CNY123 million (USD17.5 million) worth of shares, the Beijing-based target firm said in a statement yesterday.
Unisplendour, founded by Tsinghua Unigroup in 1999, engages in cloud computing, mobile Internet, and Big Data services. In the third quarter, the company's net profit attributable to shareholders fell by nearly 8 percent to CNY396 million, according to its earnings report.
Tsinghua Unigroup, the indirect controlling shareholder of Unisplendour, has suffered from fluctuating US bond yields. Since last month, the yield of its dollar-denominated debt which will mature in 2023 grew by 355 basis points. On Nov. 1, the firm's board said to investors during a conference call that such big turbulence should be over.
Editor: Emmi Laine