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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