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Home > News > Fastener News > Gem-Year Sold 20 Million Shares for a Total of 171 Million Yuan

Gem-Year Sold 20 Million Shares for a Total of 171 Million Yuan

By Maggie Chen , 2014-05-14 12:00:00

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Shares in fastener maker Gem-Year Industrial fell by 2% as of midday today at the Shanghai Stock Exchange after the Taiwan family that controls the company said it had lowered its holding in the business.Chin Champ Enterprise, controlled by Tsai Yung-Lung and his family, sold 20 million shares Gem-Year shares last Friday for 8.55 yuan each, for a total of 171 million yuan, or $27.6 million, according to company announcement today.  Chin Champ didn’t say why it sold the shares.

Chin Champ Enterprise still owns 53.6% of Gem-Year, compare with a previous 56.1%.

Gem-Year’s share price is little changed from a year ago.

The Tsais ranked No. 46 on the 2013 Forbes Taiwan Rich List with wealth of $750 million.

(The tital of the artical was re-edit by CFM)

 

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