HK Stock Market Move | WELLCELL HOLD (02477) rose over 15% again, with the stock price increasing 1.25 times in the past three days. Previously, a third party was introduced as the major shareholder.

WELLCELL HOLD (02477) rose by more than 15% to hit a new high since its listing, with the stock price increasing by 125% in the past three trading days. As of the time of writing, it had risen by 15.88% to reach HKD 14.74, with a trading volume of HKD 47.21 million. On the news front, WELLCELL HOLD had previously announced that on January 6, a controlling shareholder, WELLCELL HOLD Group, had entered into an agreement with an independent third party, Hengfeng International, to sell 99.5 million shares, representing approximately 19.9% of the company's total share capital, at a price of HKD 4.52 per share, a discount of 30.89% compared to the closing price on that day, resulting in a cash-out of nearly HKD 4.5 billion. After the completion of the transaction, WELLCELL HOLD Group's holding 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 Yintai Group, Cao Guowei, chairman and CEO of Sina Group, Hu Xiaoming, partner of Alibaba and former CEO of Ant Financial, and Cai Wensheng, former chairman of Meitu, among others.