HK Stock Market Move | Zhejiang Shibao (01057) fell by over 9% again, with controlling shareholder Shibao Holdings planning to reduce its stake in the company by no more than 3%.

Zhejiang Shibao (01057) fell by over 9% again. As of the time of drafting, it fell by 8.86% to HKD 4.63, with a trading volume of HKD 56.418 million. On the news front, Zhejiang Shibao announced that the company recently received a notification letter from its controlling shareholder Zhejiang Shibao Holding Group Co., Ltd. ("Shibao Holding") regarding their plan to reduce their shareholding in the company. Shibao Holding plans to reduce a total of about 24.679 million A shares, which is not more than 3% of the total share capital of the company, within 3 months after 15 trading days from the date of this announcement (i.e. from May 22, 2026 to August 19, 2026, excluding sensitive periods). Specifically, they plan to reduce a total of about 8.2263 million A shares through centralized bidding, not exceeding 1% of the total share capital of the company; and reduce a total of about 16.4526 million A shares through block trading, not exceeding 2% of the total share capital of the company.