A block of 240 million shares in Hong Kong-listed Belle International Holdings changed hands last night as a group of management shareholders took advantage of a share price gain after a strong first-half earnings to slightly trim their stake.
The deal raised HK$3.67 billion $471 million and will reduce the sellers’ combined stake in the Chinese shoe manufacturerretailer and sportswear retailer to about 44.8% from 47.7%. The fact that they will still own a controlling stake should limit the potential negative impact from the sale. And to further show their commitment to the company, the sellers have agreed to a 180-day lockup.
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