Meituan, Wuxi bigwigs cash in as shares rise

Business | Stella Zhai 29 May 2020

A cofounder of Meituan Dianping (3690) and the chairman of Wuxi Biologics Cayman (2269) offloaded their stakes while share prices climbed.

Wang Huiwen, a co-founder of Meituan who will resign in December, sold 2 million shares of the company at an average price of HK$136.89, cashing in HK$274 million on Tuesday, data from the Hong Kong Exchanges and Clearing (0388) showed.

Wang's holding of Meituan's class B shares, which represent multiple votes per share, fell from 0.46 percent to 0.42 percent after the transaction. He currently holds 0.99 percent of the company's shares, with 3.14 percent vote weighting.

Meanwhile, Li Ge, the chairman of Wuxi Biologics, offloaded 369,900 shares for a total price of HK$47.46 million on Tuesday, lowering his stake by 0.03 percent to 27.01 percent.

The chairman had pocketed more than HK$10.6 billion in the past five months through personal transactions and three share placements of the company since the beginning of this year. Wuxi Biologics has placed a total of 168 million shares at a total of HK$18.12 billion so far this year.

Shares of drugmakers and biotech companies have fallen after surging amid the coronavirus pandemic.

Elsewhere, Sino Biopharmaceutical (1177) posted its first-quarter net profit grew 0.6 percent year-on-year to 862 million yuan (HK$934.58 million), with revenue rising 0.2 percent to 6.22 billion yuan.

Basic earnings per share were 6.85 fen and a quarterly dividend of 2 HK cents was declared.

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