Zhitong Financial App News, International Entertainment (01009) announced that on December 10, 2021, the company was informed by Brighten Path that it had sold 27.5 million shares (first sale) to individual buyers during the period from December 7 to 10, 2021, at an average consideration of approximately HK $0.30 per share; and sold a total of 91.042 million shares (second sale) on the open market at an average consideration of approximately HK $0.35 per share. As a result, a total of about 118.5 million shares have been sold for a total consideration of about HK $40 million.
As at the date of this announcement, Brighten Path is wholly owned by Head and Shoulders Direct Investment Limited and Head and Shoulders Direct Investment Limited is wholly owned by Dr. Choi Chaohui, an executive director and chairman of the board of directors of the Company.
Immediately following the initial sale and the second sale, the number of shares held by Brighten Path decreased from 375 million shares to 257 million shares, while Brighten Path remained the substantial shareholder of the company.