By Clarence LeongShares of Shanghai Fosun Pharmaceutical (Group) Co. fell sharply Monday morning in Hong Kong, after its controlling shareholder disclosed plans to reduce its stake. Fosun Pharma said in a filing to the Shanghai stock exchange late Friday that its controlling shareholder, Shanghai Fosun High Technology (Group) Co., plans to sell up to 3% of company's total share capital by way of centralized price bidding or block trade of A-shares. The reason for the sale was Fosun High Tech's own operational needs, according to the filing. Fosun High Tech, wholly owned by Fosun International Ltd., had a stake of about 37.82% in Fosun Pharma as of Sept. 2, the filing showed. Fosun High Tech provides investment management and consulting services.

Source: Wall Street Journal September 05, 2022 04:05 UTC