Qian Fenglei, the actual controller of Hengfeng International, reduced his holdings in Jingwei TianDi, cashing out approximately 107 million Hong Kong dollars

According to Caixin, Hong Kong-listed company Jingwei TianDi (02477.HK) announced on the evening of October 21 that its major shareholder, Hengfeng International, sold 716 million shares in the open market at an average price of HKD 0.1494 per share, cashing out approximately HKD 107 million.

The announcement showed that Hengfeng International's shareholding ratio decreased from 24.94% to 10.01%. Hengfeng International is controlled by Qian Fenglei, who holds a 78.56% stake. Jingwei TianDi was included in the Hong Kong Stock Connect in March this year.

A senior financial observer in Hong Kong told Caixin that this low-price reduction and cashing out raises suspicions of ulterior motives, and it cannot be ruled out that it is related to the recent monitoring of market manipulation by the Hong Kong Securities and Futures Commission.