The Insider | Hongqiao’s founder raises his stake to 82 per cent, over single-ownership limit

Hong Kong’s benchmark Hang Seng Index rose 0.6 per cent last week, extending this year’s 30 per cent increase. The buoyant stock market spurred various unidentified directors at Xinhua News Media Holdings - the broadcast operator that also runs a professional cleaning service - to dispose of their shares. Six transactions valued at HK$7.7 million were recorded last week, at an average price of 28 Hong Kong cents per share, lower than the Friday closing price of 35.5 Hong Kong cents.

Wong’s Kong King International (Holdings), a maker of electronic components, bought back its stock for the first time since 2000, spending HK$1.75 million on 1.532 million shares at an average price of HK$1.14. The stock fell 0.8 per cent to HK$1.19 on Friday.

Zhang Shiping, founder and chairman of China Hongqiao Group, which produces aluminium products, made the biggest insider purchases of the week, spending HK$568.5 million in 12 transactions buying his own stock, at an average price of HK$10.14 per share, 23 per cent lower than the stock’s Friday closing price. His purchase raised his personal holdings in Hongqiao to 5.945 billion shares, or almost 82 per cent of the company’s issued capital, exceeding the private shareholder limit by almost 7 percentage points.