Shares owned by Huishan Dairy’s chairman and controlling shareholder were sold during the company’s plunge last Friday that knocked 85 per cent from its stock price in less than an hour.
The collapse wiped more than $4bn off the market capitalisation of the dairy group, which requested a trading halt that is still in place.
Disclosures to the Hong Kong Exchange by Yang Kai, chief executive of Huishan Dairy, and his Champ Harvest vehicle, which holds 70.8 per cent of Huishan’s stock, revealed that 250.9m shares were sold last Friday at a high price of HK$2.33 and an average of HK$0.394 — just below its last traded price of HK$0.42.
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