Yue Yuen shareholders sell 3.5% of company

Tsai family defies rising oil price and anti-dumping quota concerns to offload $166.7 million shares at 5.3% discount.
Existing shareholders of Hong Kong-listed athletic shoemaker, Yue Yuen Industrial Holdings have raised HK$1.29 billion $166.7 million from the sale of secondary shares in the company, taking advantage of three straight days of share price gains.

It was the second time this month the Tsai family, who founded the company back in 1988, tried to offload these shares. On April 10 they pulled a planned placement before launch because, according to a Yue Yuen spokesman, they were unable to agree on a price with the underwriter. HSBC was mandated to arrange that sale.

This time around, the sellers switched banks to Morgan Stanley which completed the sale through an accelerated bookbuilding. The shares were...
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