Sitoy execs sell shares to boost liquidity

The luxury bag manufacturer, which boasts high-end retail clients such as Prada, held a secondary share offering that met with strong institutional investor demand.
Sitoy Group makes bags and other leather goods for Prada
Sitoy Group makes bags and other leather goods for Prada

Sitoy Group Holding’s top executives sold 80 million shares in the Hong Kong-based luxury bag maker on Thursday to help boost the stock's liquidity, raising some $52 million in the process.

Chairman Yeung Michael Wah Keung and CEO Yeung Wo Fai sold 52 million shares and 28 million shares, respectively, at HK$4.95 a share, which was at the low end of the initial pricing range and represented a 10% discount to the March 5 closing price of HK$5.50. The lockup period is 180 days, according to a term sheet.

Books for the secondary share offering opened Wednesday night with shares initially offered at between HK...

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