HK Stock Market Move | WELLCHELL HOLD (02477) shares rose more than 50% in the afternoon, with the controlling shareholder planning to sell 19.9% of the shares and introduce a third party as the main shareholder.

WELLCELL HOLD (02477) saw its afternoon gains expand by over 50%, reaching a high of HK$9.98, setting a new high since its listing. As of the time of writing, it rose by 51.68% to HK$9.92, with a turnover of HK$56.1623 million. On the news front, WELLCELL HOLD announced last night that on January 6, a controlling shareholder, WELLCELL HOLD Group, has reached an agreement with an independent third party, Hengfeng International, to sell 99.5 million shares, accounting for approximately 19.9% of the total share capital of the company; at a price of HK$4.52 per share, representing a discount of 30.89% to the closing price of the day, realizing nearly HK$4.5 billion. After the completion, the shareholding of WELLCELL HOLD Group in the company will decrease from the current 51% to 31.1%. Hengfeng International's controlling shareholder is Qian Fenglei, the founder of Zhejiang Hengfeng International; other shareholders include: Shen Guojun, founder and chairman of Intime Group; Cao Guowei, chairman and CEO of Sina Group; Hu Xiaoming, partner at Alibaba and former CEO of Ant Financial; and Cai Wensheng, former chairman of MEITU.