Hoshine Silicon's controlling shareholder, Ningbo Hoshine Group, sold 7.88 million shares via block trades over the six trading days from August 5 to 10, accounting for 0.67% of the company's total share capital. Based on the closing price on August 11, the cash-out is estimated at about 280 million yuan. After the reduction, Hoshine Group's stake fell from 36.20% to 35.53%, and its combined holding with persons acting in concert dropped from 68.55% to 67.88%, with the equity change hitting the 1% threshold. The company had previously disclosed that the controlling shareholder planned to sell no more than 35.47 million shares due to its own capital needs, and this plan has not yet been fully implemented. The company's first-quarter net profit attributable to the parent fell 70.21% year-on-year to 77.34 million yuan, but it expects first-half net profit attributable to the parent of 320 million to 380 million yuan, turning from a loss to a profit year-on-year.
Hoshine Silicon Ind Co LtdControlling shareholder sells 7.88 million shares, reducing stake and signaling potential overhang.
As controlling shareholder, the sale reduces its stake and raises concerns about its capital needs.
