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Apple Supplier Luxshare’s Controlling Shareholder and Vice Chairman Sell $1.11 Billion of Shares

Qu Hui and Ding Yi / Feb 04, 2021 06:34 PM / Business & Tech

Shenzhen-listed Luxshare Precision Industry Co. Ltd.’s controlling shareholder and vice chairman sold about 140 million shares in the company, capitalizing on a recent stock rally triggered by its break into Apple’s iPhone supply chain.

On Wednesday, the controlling shareholder Luxshare Ltd. and vice chairman Wang Laisheng sold 136 million shares and 1.74 million shares, respectively, accounting for 2% of Luxshare Precision’s total, according to a stock filing.

The shares were worth around 7.18 billion yuan ($1.11 billion), based on the selling price of 51.11 yuan shown on the Shenzhen Stock Exchange’s block trading system.

Proceeds from the share sale will be used to invest in other industries and repay Luxshare’s bank loans, the filing said.

After the share sale, the combined holdings of Luxshare Ltd. and Wang in Luxshare Precision Industry fell to 38.97% from 40.97%, according to the filing.

Since January 2020, Luxshare Ltd. and Wang have offloaded 375 million shares in Luxshare Precision Industry in five share sales to the tune of 18.3 billion yuan.

Founded in 2004, Luxshare Precision Industry is best known for assembling Apple’s AirPods. Last year, the company secured a place in the iPhone supply chain by buying an iPhone assembly plant from Taiwan’s Wistron.

Contact reporter Ding Yi (yiding@caixin.com)

Related: Tencent Chairman Pony Ma Sells $260 Million of Shares

 


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