Trending: Wuxi Biologics Shareholder Plans Block Sale

0613 GMT – Wuxi Biologics (Cayman) Inc. is among the most mentioned companies in the news over the past seven hours, according to Factiva data, after the company said a major shareholder plans to sell shares in a block trade at a price that would represent a discount to the stock’s latest closing level. Wuxi Biologics Holdings Ltd., in which Wuxi Chairman Ge Li holds a majority voting stake, intends to place 56.0 million shares of the company at 71.00 Hong Kong dollars apiece, a 3.9% discount to Monday’s closing price. The 1.3% stake sale would result in gross proceeds of about HK$3.98 billion (US$509.5 million) for the shareholder. Wuxi Biologics shares were recently 6.9% lower at HK$68.80, compared with a 1.1% decline for the Hang Seng Index. Dow Jones & Co. owns Factiva. (farah.elias@wsj.com)

 

(END) Dow Jones Newswires

January 17, 2023 01:28 ET (06:28 GMT)

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