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China Jicheng says major shareholder looking to sell shares
November 15, 2017 / 11:19 AM / 10 days ago

China Jicheng says major shareholder looking to sell shares

HONG KONG, Nov 15 (Reuters) - Umbrella maker China Jicheng Holdings Ltd said on Wednesday its 65.68 percent controlling shareholder Jicheng Investment Ltd was contemplating a possible disposal of the company shares.

The contemplation was exploratory at this stage and its chairman Huang Wenji-owned Jicheng Investment has not entered into any agreement regarding the share sale, the Hong Kong-listed firm said.

Shares in the umbrella maker soared as much as 25.4 percent to over a five-week high at HK$0.148 prior to a trading suspension.

The stock will resume trading on Thursday.

Last month, the company’s shareholders approved a share consolidation of every 20 existing shares into one share.

Reporting by Donny Kwok; Editing by David Evans

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