Bright Smart chair cashes in $177mBusiness | Staff reporter 19 Jan 2021
Bright Smart Securities (1428) chairman Yip Mow Lum was said to be increasing his investments in property after offloading shares in the brokerage house.
Yip's stake in Bright Smart Securities was down from 68.68 percent on January 12 to 63.85 percent on January 14, with the chairman cashing out HK$177 million over three consecutive trading days, data from the Central Clearing and Settlement System showed.
The move came after the securities agency issued a profit alert that its profit before tax was nearly HK$580 million for the nine months ended in December 31, an increase of 64 percent year-on-year.
Edmond Hui Yik Bun, chief executive at Bright Smart Securities, said Yip wanted to increase his asset allocation in property.
Yip's charity fund donated HK$10 million to the Hospital Authority yesterday.