HK Stock Market Move | SEM Holdings (09929) fell over 16% as the controlling shareholder significantly reduced its stake, bringing its holding to approximately 66%.

SEM HLDGS (09929) opened higher this morning but then fell, currently down over 16% to 0.82 Hong Kong dollars, with a trading volume of 16.11 million Hong Kong dollars. On the news front, on the evening of April 10th, SEM HLDGS announced that its controlling shareholder, Yaoji Capital, has entered into an agreement with HH RSV-MIM Holdings Limited (the buyer) to sell 180 million shares, representing approximately 9% of the total issued share capital, for a total consideration of 13.1754 million US dollars. The completion of the sale is expected shortly after the agreement date. Following the completion, Yaoji Capital's holding of the issued share capital will decrease from around 75% to approximately 66%. As of the announcement date, Yaoji Capital Limited is wholly owned by Yao Shaobin, the Chairman and non-executive director of SEM HLDGS. The buyer and its ultimate beneficial owners are all independent third parties.