Julibao Holdings (08527.HK) announced that Liu Wanzhen, chairman of the board, executive director and controlling shareholder, informed that it had sold a total of 40 million shares of the company on November 24, accounting for 8 per cent of the total issued share capital. After the sale, Liu Wanzhen's stake was reduced from 51.9 per cent to 43.9 per cent, continuing to be the controlling shareholder, while the buyer will hold 8 per cent.
The board of directors believes that the sale of shares by major shareholders will not change the business focus or strategic direction of the company.