The Insider | More gold from ‘Lan Kwai Fong2’ makers? Chairman of Mei Ah Entertainment reloads with 340,000 share purchase in film studio
Last week saw insiders accumulating shares in Mei Ah Entertainment, while selling was recorded by insiders at World Houseware and CITIC Telecom International
Buying rose for the second straight week while the selling among directors was high for the third straight week based on filings on the Exchange from September 5 to 9.
The trading was led by directors of mid and small cap stocks as there was only one blue chip company that recorded a purchase last week with that lone insider acquisition coming from banking giant HSBC Holdings worth a paltry HK$100,000. There were no sales by directors of blue chips last week.
Summing up the director activity last week, a total of 34 companies recorded 161 purchases worth HK$87 million versus 16 firms with 90 disposals worth HK$89 million. The number of companies and trades on the buying side were up from the previous week’s 28 firms and 133 purchases. The buy value, however, was down from the previous week’s purchases worth HK$109 million.
On the selling side, the number of companies was slightly down from the previous week’s 19 firms while the number of disposals was sharply up from the previous week’s 71 transactions. The sell value, however, was sharply down from the previous week’s sales worth HK$637 million.
Li’s acquisitions have resulted in positive gains in the share price with the stock recording an average increase of 29 per cent three months following his acquisitions and 54 per cent six months after
Meanwhile, the buyback activity slowed after rising for four straight weeks with 16 companies that posted 88 repurchases worth HK$1.021 billion. The figures, although high, were down from the previous week’s 21 firms, 115 trades and HK$1.176 billion.
The top buyer last week was banking giant HSBC Holdings with buybacks worth HK$841 million. The Group has repurchased a whopping HK$3.48 billion worth of shares via London Stock Exchange since it embarked on a buyback programme on August 4. HSBC has recorded buys on 23 out of the past 26 trading days.