The Insider | Executives of Freeman FinTech, Dingyi, Lee’s Pharm and PC Partner cash in as shares surge
The value of shares sold by company directors in January was nearly three times higher than the previous year
Directors of Freeman FinTech, Dingyi Group Investment, Lee’s Pharmaceutical Holdings and PC Partner Group have been involved in heavy selling last month as share prices rose sharply after the Hang Seng Index touched record highs, according to filings to the Hong Kong stock exchange.
Overall, company executives racked up huge sales in the first month of the new year with 82 board members of 66 listed firms recording 387 disposals worth HK$1.664 billion, up significantly from the 52 directors, 39 companies, 195 disposals and HK$584 million in January 2017.
The heavy selling in the past month came as a surprise as many directors are not even waiting for anticipated gains in the market because of the Lunar New Year.
Freeman FinTech executive director Chow Mun-yee sold 2.06 million shares in the financial services provider on January 30 at HK$0.86 each, which reduced her holdings to 103.988 million shares or 0.66 per cent of the issued capital.
Investors should note that the group bought back 55.64 million shares from December 20 to 29, 2017 at an average of HK$0.47 each. The group previously acquired 4.76 million shares from April 1994 to April 2000 at HK$1.52 to HK$0.30 each or an average of HK$0.42 each.
The stock closed at HK$1.35 on Friday.