Wednesday, September 22, 2021
Martin Hennecke

Meituan, JW Therap players cash in shares
Aiden He Major shareholders of Meituan (3690) and JW Therap (2126) offloaded part of their stakes to cash in altogether about HK$1 billion. Meituan's non-executive director Neil Shen Nanpeng, who is also the founding and managing partner of Sequoia Capital China, sold off 1.52 million Meituan shares last Tuesday at an average price of HK$259.68 in a deal that brought in HK$395 million. On Wednesday, he sold off another 100,000 Meituan shares for HK$26.5 million. With the two share sales, Shen cashed in a total of about HK$422 million. His stake in Meituan is now down to 5.79 percent. News of the share sales came as mainland media reported that Meituan has been ordered by a Chinese court to immediately stop unfair competition behavior on the internet and compensate Alibaba-backed (9988) for economic losses and expenses to the tune of one million yuan (HK$1.2 million). Previously, the mainland food delivery giant had reportedly been sentenced to pay one million yuan and 352,000 yuan in two separate cases for forcing shops to operate only on its platform and penalized those who refused to abide by its guidelines. Meituan's share tumbled 4.47 percent to HK$247.80 on Monday. Meanwhile, JW Therap's shareholders TLS Beta and Aranda Investments offloaded 24.297 million shares at HK$22 to HK$23 per share through a share placement, collecting cash from HK$534 million to a maximum of HK$559 million. The placement price came at a discount of between 6.5 percent and 10.57 percent to yesterday's closing price of HK$24.60.
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