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Leshi Internet Shareholder Disposes of RMB 640 Mln in Shares

China Securities Journal, 3/02/17

The Shenzhen Qianhao Free Trade Zone securities sales department of CITIC Securities (600030.SH) has facilitated the sale of 19.095 mln shares in Leshi Internet Information and Technology (300104.SZ) on behalf of one of the Chinese online video content and smart device firm's shareholders, revealed the Shenzhen Stock Exchange. The sale was made at a 5% discount over two block trades for a total transaction price of about RMB 640 mln.

According to some media analysts, this could be Leshi's second largest stockholder China Bridge Capital reducing its shareholding. When asked for clarification, a source at Leshi Internet said they would look into this matter.

Leshi Internet Chairman Jia Yueting and China Bridge Capital signed an agreement in October 2015 whereby Jia Yueting would transfer 100 mln shares in Leshi Internet to China Bridge Capital. That transaction gave China Bridge Capital a 5.39% stake in the company. However, according to Leshi's Q3 2016 fiscal report, China Bridge Capital only held 70.05 mln shares in Leshi Internet.

Keywords: M&A divest Internet online video Jia Yueting 300104.SZ Leshi Internet China Bridge Capital

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