Mengniu shareholders cash in $165 million

The deal marks the fourth sell-down by the same two investors since the IPO and the first Hong Kong placement above $100 million since mid-June.

China Mengniu DiaryÆs share price fell 3.4% yesterday after its two largest shareholders sold HK$1.28 billion $165 million worth of shares through a placement, their fourth such sell-down since the company went public in 2004. However, the stock finished 20 HK cents above the placement price, which suggests that some of the investors who didnÆt receive full allocations in the block trade may have continued buying in the market. The Hang Seng Index lost 1.5% on the day.

Mengniu...

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