Chairman buys more of Zhongsheng Group (881.HK) at higher price
Chairman Huang Yi resumed buying shares of automobiles retailer Zhongsheng Group Holdings Limited (881.HK) [MKT CAP 15.5B] at higher than his acquisition prices from July 2015 to June this year with 497,000 shares purchased on September 30 at $7.30 each [AI SCORE 2.2; 3MTH +4%(47%)/6MTH +1%(44%) 329 BUYS-2011]. The trade increased his holdings to 1.299 billion shares or 60.55% of the issued capital. Although the Chairman acquired shares last month at higher than his acquisition prices from July 2015 to June this year, the purchase was made after the stock fell by 11% from $8.19 on September 15. Despite the fall in the share price, the counter is still up since the last week of June from $4.15. He previously acquired 16.83 million shares from April 1 to June 24 at $3.68 to $4.29 each or an average of $3.97 each. Prior to his purchases this year, the Chairman acquired 10.57 million shares in July 2015 at $4.18 to $4.81 each or an average of $4.52 each and 25.3 million shares from August 2011 to October 2014 at $12.96 to $7.60 each or an average of $9.25 each. The Company announced its 1H results on August 22 with profit attributable to shareholders up by 97.5% to RMB 612.981 million for the 6 months to 30 June 2016. The stock closed at $7.40 on October 7 (Asia Insider News Oct 7, 2016).
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