Hang Lung Group shareholder sells shares at 5% discount
While small in size at $88.5 million, the block trade allows the institutional shareholder to divest 27 trading days' worth of stock in one go.
An existing shareholder of Hang Lung Group last night enlisted the help of Morgan Stanley to offload HK$688.6 million $88.5 million worth of shares in the company through a block trade.
Such sell-downs are becoming increasingly popular as a way of exiting illiquid stocks as the regionÆs stock markets get closer to their record highs and many individual companies have already breached theirs.
The high share prices mean the discount at which the stock has to be offered in...
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