WuXi Biologics' major shareholder to offload nearly $5.8 billion shares

WuXi Biologics (2269) said on Friday that WuXi Biologics Holding, one of its major shareholders, plans to offload about HK$5.8 billion worth of its 3.63 percent stake.

Its shares dropped over 2 percent in early trading on the news.

The placing price is HK$38.52, representing a 3.75 percent discount from its closed price at HK$40.02 on Thursday. 

Li Ge, the chairman of the board and a non-executive director, controls approximately 19.66 percent of the issued share capital of WuXi Biologics Holdings and 55.03 percent of the voting power at its general meetings, according to an exchange filing.

After the completion of the placing, WuXi Biologics Holding's shareholding will decrease from 12.12 percent to 8.49 percent and will cease to be a substantial shareholder of the company.