HK Stock Market Move | BLOKS (00325) Plunges Over 15% as Controlling Shareholder Zhu Weisong Sells 3.85 Million Shares in Block Trade, Cashing Out Approximately HK$251 Million

BLOKS (00325) plunged over 15%, with two block trades recorded in the pre-market session involving approximately 3.849 million shares and about HK$251 million. As of press time, the stock fell 12.24% to HK$60.8, with a turnover of HK$292 million. On the news front, BLOKS announced that Smart Bloks, a member of the controlling shareholder group, sold 3.849 million shares through a block trade on October 22 at HK$65.28 per share, representing approximately 1.56% of the company's total issued shares (excluding treasury shares), cashing out approximately HK$251 million. Smart Bloks is wholly owned by Zhu Weisong, the company's chairman, executive director and chief executive officer. Following the reduction, Smart Bloks' shareholding decreased from 8.8058 million shares to 4.9568 million shares, with its stake falling from approximately 3.57% to approximately 2.01%. The board was informed by Smart Bloks that the sale was made due to its own funding needs and financial arrangements, constitutes a private matter at the shareholder level, and has no relationship whatsoever with the group's business, operations, financial condition or development prospects.