Konka Precision Mould Plastic Gives Up 3% Stake in Refond

Refond Opto announced Monday night, shareholder Konka Precision Mould Plastic (Konka) sold out more than 3.02 percent of its stake in the Chinese LED manufacturer, according to a Sinai report.

Konka, which has close to 18 percent stake in Refond, has sold out 6.60 million Refond stocks (equivalent to 3.02 percent stake in the company), through block trades from Sept. 2 to 19, 2014.

After selling out stocks, Konka still has in possession 34.37 million Refond stocks, which translates to 15.74 percent share in the company.

Konka is the second major Refond shareholder to have sold out shares in the company. In early September, Refond CEO Gong Weibin sold out five million company shares. Gong has sold out a total of 15.07 million shares in the company, which is about 6.9 percent of the company’s total shares.

Affected by shareholders recent actions, Refond stock value has dropped 18.9 percent from a historical high of RMB 18.79 in early September to RMB 15.23 as of Sept. 22, 2014.

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