Director trading soars as stocks reach 8-year high in HK
Activity high for seventh week, with sales rising to HK$3.6b as market climbs 11pc in month
Director activity was high for the seventh consecutive week, with 41 companies making 186 purchases worth HK$432 million against 43 firms with 233 disposals worth HK$3.64 billion.
Figures on the buy side were sharply up from the previous week's three-day totals of 27 companies, 94 deals and HK$233 million, as were those on the sell side from 22 firms, 78 transactions and HK$226 million.
Last week's sales surge was not surprising, as the Hang Seng Index has risen more than 11 per cent this month to an eight-year high of 27,653.12 points.
Among the stocks that recorded insider sales were Intime Retail Group, Value Partners Group and NetDragon Websoft.
Chief executive Chen Xiaodong recorded his first trade in department store operator Intime since August last year with 500,000 shares sold on April 13 at HK$8.02 each. The sale reduced his holdings to 16.2 million shares or 0.75 per cent of the issued capital.
The disposal was made on the back of a 90 per cent rebound in the share price since February from HK$4.22.
Chen sold 2.25 million shares in August last year at HK$7.13 each and 3.7 million shares from January to August 2013 at HK$9.47 each.
The stock closed at HK$7.80 on Friday.
At Value Partners, chief executive Tse Wai-ming, deputy chief investment officer Renee Hung Yeuk-yan and independent non-executive director Lee Siang-chin sold a combined 1.4 million shares in the fund manager from April 1 to 14 at HK$7.50 to HK$12.60 per share, or an average of HK$10.25.
The disposals were made after the stock rose by as much as 114 per cent from HK$5.88 in January.
Tse sold 600,000 shares from April 9 to 13 at an average of HK$11.40 each, which lowered his stake by 21 per cent to 2.25 million shares or 0.12 per cent. A portion of the sales was made at a profit, based on the 500,000 shares that he acquired through options on April 9 at HK$5 each.
Tse previously sold 550,000 shares from August to December last year at HK$6.35 each.
Hung sold 500,000 shares on April 1 at HK$7.50 each. Her holdings were cut to 28.85 million shares or 1.57 per cent.
Lee recorded his first sale since his appointment in October 2007, selling 300,000 shares on April 14 at HK$12.55 each. The trade reduced his holdings by 43 per cent to 400,000 shares or 0.02 per cent.
The sale was made at a profit, based on the 133,000 shares he acquired through options on April 9 at HK$3.94 and 500,000 shares in October 2010 at HK$5.82 each.
The stock last traded at HK$11.58 on Friday.
NetDragon's executive director Chen Hongzhan and non-executive directors Thomas Liu Sai-keung and Lee Kwan-hung sold 1.33 million shares of the online game developer from March 27 to April 13 at HK$15.10 to HK$27.25 each, or an average of HK$24.31 each.
The stock had risen by as much as 124 per cent from HK$12.16 in December last year.
Chen sold one million shares from April 10 to 13 at an average of HK$25.94 each, cutting his holdings to 12.07 million shares or 2.44 per cent.
Liu sold 300,000 shares from March 27 to April 8 at an average of HK$18.68 each. His stake was reduced to 935,000 shares or 0.18 per cent.
Lee sold 10,000 shares on April 9 at HK$27.25 each, leaving him with a stake of 1.296 million shares or 0.26 per cent.
He previously sold 9,000 shares in April last year at HK$14.54 each and acquired a net 948,000 shares from December 2009 to July 2013 at an average of HK$11.89 each.
The stock ended at HK$22.20 on Friday.
