(Yicai Global) Nov. 1 -- Fujian Sunner Development's shares opened sharply lower today as an affiliate of international private equity KKR announced it will continue to unload shares in the company within six months after already jettisoning 5 percent shares over the past half year.

Sunner Development 's stock [SHE:002299] opened with a gap down today -- lower than its close yesterday -- and closed 7.48 percent lower at CNY26.70 at the lunch break after KKR Poultry Investment disclosed the share sale in a regulatory filing with the Shenzhen Stock Exchange.

The shareholder, a Luxembourg-based affiliate of the US PE giant, plans to dump another 74,368,831 shares, or up to 6 percent of its total capital stock in stages over the next six months, starting from 15 trading days from the filing, the broiler chicken breeder and processor separately announced yesterday.

KKR held 138,025,974 shares as of date of the statement, all discretionary outstanding shares, or 11.14 percent of total shares, according to its disclosure.

KKR Poultry Investment is seeking to cash in its chips in this divestment.

KKR Poultry Investment, a wholly-owned unit of US private equity giant KKR & Co.'s China Growth Fund, became Sunner Development's second-largest shareholder after it secured 18.0034 percent shares in the listed company for CNY2.46 billion (USD349.3 million) in August 2004 via a private placement. The international PE giant profited greatly from Sunner investment based on its purchase price of CNY12.3 last year.

True to its word, KKR did not dump a single share within the 36 months since these new stocks started trading on May 18, 2015, though it had unloaded 5 percent between April and the end of October, public information shows.

Editor: Ben Armour