Cathay Biotech (SHA:688065) shareholder Shanxi Science and Technology Innovation City Investment and Development will reduce its shares by up to 2% through block trade, according to a Tuesday filing with the Shanghai bourse.
The shareholder will trim its stake by 14.4 million shares from Sept. 15 to Dec. 14 and will be priced based on market rates.
Proceeds will help the shareholder raise personal funds.
Shanxi Science and Technology Innovation City Investment holds 5.57% of the listed company.
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