Conflicting director trades in Minth Group (425.HK)
There were conflicting trades in automobile parts manufacturer Minth Group Limited (425.HK) [MKT CAP 31B] with purchases by Honorary Chairman & Non-Executive Director Chin Jong Hwa versus sales by Chairman & CEO Shi Jian Hui. Honorary Chairman Chin Jong Hwa purchased 224,000 shares on September 13 and a further 338,000 shares from September 26 to 27 at an average of $26.47 each [AI SCORE3.0; 3MTH -0.1%(47%)/6MTH +8%(47%) 62 BUYS-2008]. The trades increased his holdings to 443.634 million shares or 39.39% of the issued capital. He previously acquired 82,000 shares in July 2015 at $13.92 each and 5.33 million shares from April to May 2014 at $12.30 to $11.90 each or an average of $12.01 each. Prior to his purchases since 2014, the Honorary Chairman acquired one million shares in December 2013 at $16.88 to $16.00 each or an average of $16.40 each and 16.66 million shares from January to November 2008 at $7.96 to $2.13 each or an average of $3.61 each. Chairman & CEO Shi Jian Hui, on the other hand, resumed selling shares of at lower than his sale price earlier this quarter with 498,000 shares sold from September 15 to 22 at an average of $27.19 each [AI SCORE 3.0; 3MTH -0.1%(47%)/6MTH +8%(47%) 62 BUYS-2008]. The trades reduced his holdings by 15% to 2.788 million shares or 0.25% of the issued capital. A huge portion of the disposals were made at a profit based on the 492,000 shares that he acquired via exercise of options from September 15 to 22 at $10.89 each. He previously sold 114,000 shares from August 30 to September 6, some of which were options-related sales, at an average of $30.29 each. Prior to his sales this year, the Chairman sold 632,000 shares from September to October 2013, some of which were options-related sales, at $15.34 to $16.60 each or an average of $16.25 each and 268,000 shares from September to October 2010 at $14.80 to $15.50 each or an average of $14.85 each. Mr. Shi joined the Group in March 1997. Also negative this quarter are Chief Marketing Officer Zhao Feng, Chief Financial Officer Bao Jian Ya, The Capital Group Companies, Inc and Independent Non-Executive Directors Wang Ching and Wu Fred Fong. CMO Zhao Feng sold 204,000 shares from August 26 to 30 via options-related sales at an average of $29.74 each [AI SCORE 5.2; 3MTH -3%(53%)/6MTH -3%(71%) 17 SELLS-2010], which lowered his stake by 8% to 2.250 million shares or 0.2%. He previously sold 800,000 shares from April to November 2013, some of which were options-related sales, at $12.44 to $15.84 each or an average of $13.89 each and 438,000 shares from April to November 2010 at $12.26 to $15.50 each or an average of $13.35 each. Mr. Zhao joined the Group in March 1999. CFO Bao Jian Ya, on the other hand, sold 698,000 shares from August 24 to 29 via options-related sales at an average of $28.54 each [AI SCORE 5.4], which reduced her holdings by 35% to 1.272 million shares or 0.11%. She previously sold 200,000 shares on July 22 at $26.96 each. The disposals by Ms. Bao since July are her first on-market trades since her appointment in December 2006. Meanwhile, The Capital Group Companies ceased to be a substantial shareholder on August 5 following the sale of 860,000 shares at $25.54 each, which lowered its stake to 55.410 million shares or 4.93%. The fund manager previously reported an initial filing (for the 2nd time since June 2011) on June 30 of 1.052 million shares at $24.55 each, which raised its interest to 5.04%. Independent Non-Executive Director Wang Ching, on the other hand, sold 60,000 shares on July 20 via options-related sale at $25.41 each [AI SCORE 4.9], which reduced his holdings by 30% to 140,000 shares or 0.01%. That is his first on-market trade since his appointment to the Board in October 2005. Lastly, Independent Non-Executive Director Wu Fred Fong sold 60,000 shares on July 15 via options-related sale at $25.74 each [AI SCORE 4.9], which lowered his stake by 30% to 140,000 shares or 0.01%. Mr. Wu was appointed to the Board in January 2009. Investors should note that JPMorgan Chase & Co reported a purchase-related filing on June 21 of 28,000 shares at $22.69 each, which boosted its stake to 67.233 million shares or 6.0%. The group previously reported an initial filing (for the 7th time since July 2007) on January 13 of 58,000 shares at $16.52 each, which raised its interest to 5.0%. Overall, JPMorgan's stake is up by 20% since that initial filing in January. Investors should note that there were sales by Invesco Hong Kong Limited and Matthews International Capital Management, LLC this year. Invesco Hong Kong ceased to be a substantial shareholder on April 5 following the sale of 408,000 shares at $18.72 each, which reduced its holdings to 55.042 million shares or 4.97%. The group previously reported an initial filing (for the 5th time since April 2012) on March 21 of 436,000 shares at $14.60 each, which raised its interest to 5.01%. Matthews International, on the other hand, reported a disposal-related filing on January 27 of 1.7 million shares at $14.00 each, which lowered its stake to 76.211 million shares or 6.88%. The group previously acquired 20.37 million shares from October 2012 to February 2013 at $7.50 to $11.54 each and an initial filing in October 2012 of 4.26 million shares at $7.50 each, which raised its interest to 5.3%. Minth Group announced its 1H results on August 23 with profit attributable to shareholders up by 30.6% to RMB 812.718 million for the 6 months to 30 June 2016. The stock closed at $27.25 on September 30 (Asia Insider News Oct 1, 2016).
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