HK Stock Market Move | Shanghai Dazhong Public Utilities (01635) shares fell more than 8% intra-day, controlling shareholder released 60 million shares of A-shares pledged, accounting for 2% of the total share capital.

Shanghai Dazhong Public Utilities (01635) fell more than 8% during trading, as of the time of publication, it had fallen 8.03% to HK$2.28, with a turnover of HK$50.8273 million. On the news front, on November 13, Shanghai Dazhong Public Utilities issued an announcement regarding the partial release of pledged shares by its controlling shareholder. The controlling shareholder, Dazhong Enterprises Management, holds 560 million shares of the company, accounting for 18.8% of the total share capital. This time, 60 million A shares were released from pledge, with the release date set for November 11, 2024. After the release, the total pledged quantity will be 330 million shares, accounting for 58.8% of its holding. The announcement mentioned that within the next six months, Dazhong Enterprises Management will have 70 million shares of pledged shares due, accounting for 12.6% of its holdings, 2.4% of the total share capital of the company, with corresponding financing balance of HK$98 million; within the next year, there will be 200 million shares due, accounting for 35.4% of its holdings, 6.7% of the total share capital of the company, with corresponding financing balance of HK$180 million. This pledge will not have a significant impact on the company's main business and continuing operational capabilities.