HK Stock Market Move | WELLCALL HOLD (02477) fell more than 11%, with the major shareholder offering a 36% discount to sell 1.45 billion shares.

WELLCELL HOLD (02477) fell more than 11%, as of the time of writing, it dropped by 11.36% to HK$8.35, with a turnover of HK$31.783 million. In terms of news, WELLCELL HOLD announced last night that one of its major shareholders, WELLCELL HOLD Group, has sold 45 million shares and 100 million shares to Shou Jian and major shareholder Hengfeng International, respectively, equivalent to 4.5% and 10% of the company's share capital. The price per share is HK$6, representing a discount of 36.31% from the closing price on April 15. After the completion, WELLCELL HOLD Group's shareholding in the company will decrease from 31.1% to 16.6%, no longer a controlling shareholder, but still considered a major shareholder; Hengfeng International's shareholding will increase from 19.9% to 29.9%, becoming the largest single shareholder of the company. The board of directors believes that the sale will not have any adverse impact on the group's business operations and future prospects.