Refond CEO Sheds 5 Million Company Stocks

Refond Optoelectronics recently announced its largest shareholder and company CEO Gong Weibin has sold out 5 million stocks, or about 2.29 percent of shares on Sept. 11, 2014, according to a Securities Times report.

After shedding 5 million stocks, the company CEO still possesses 68.12 million stocks, or equivalent to 31.19 percent stake in the company. He still is the company’s largest shareholder, and leads the second shareholder by 5 percent shares.

Gong sold his shares due to personal financing needs, a company announcement on July 10, 2014 stated. Under Gong’s financing plans, he will sell a total of 17.40 million stock shares from July 14, 2014 to Jan. 13, 2015. Shares Gong has sold out on the stock exchange currently amounts to 15.07 million shares, which is about 6.9 percent stake in the company.

The company CEO still plans to sell out 2.33 million shares, and promised not to sell out anymore company stocks by March 11, 2015.

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