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)