HK Stock Market Move | Longitude and Latitude World (02477) falls again by over 11%, controlling shareholder discounts 36% to sell 145 million shares. After the transaction, Hengfeng International becomes the largest shareholder.

The stock of Emperor Watch & Jewellery (02477) fell by over 11% again, with a drop of more than 7% yesterday. As of the time of writing, it fell by 11.14% to HK$7.74, with a turnover of HK$18.7322 million. On the news front, Emperor Watch & Jewellery previously announced that one of its controlling shareholders, Emperor Watch & Jewellery Group, will sell 45 million shares and 100 million shares to Shou Jian and the major shareholder Hengfeng International, respectively, equivalent to 4.5% and 10% of the company's share capital at a price of HK$6 per share, representing a discount of 36.31% from the closing price on April 15. After the completion of the transaction, Emperor Watch & Jewellery Group's shareholding in the company will decrease from 31.1% to 16.6%, no longer being the 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. According to the previous announcement, Hengfeng International is engaged in investment holding, with the only director and controlling shareholder being Qian Fenglei, founder and CEO of Zhejiang Hengfeng International. Other shareholders of Hengfeng International include Shen Guojun, founder and chairman of Intime Group, Cao Guowei, chairman and CEO of Sina Group, Hu Xiaoming, partner of Alibaba and former CEO of Ant Financial, Cai Wensheng, former chairman and executive director of Meitu, Sheng Xitai, founder of Hongtai Fund, and Tang Yue, founder of Xiaoying Technology.