Li Jiacheng Boldly Adds 388,000 Shares

In three separate transactions starting on 29 Sept 2008, Li Jiacheng boldly plunged into a sluggish market by acquiring 388,000 shares of the company for a total of HKD 32.33 mln.

Data from Hong Kong Exchange and Clearing Ltd. shows that on 29 Sept 2008 Li bought 140,000 shares at HKD 86.285 per share, then on 3 Oct 2008, he bought an additional 140,000 shares at HKD 84.058. The combined total amounted to HKD 23.85 mln.

Despite Li's display of confidence, the stock price still dropped in subsequent days. On 6 Oct 2008, according to data released by HKEx, Li added 108,000 shares at HKD 78.55 per share for HKD 8.48 mln.

The trend reversed when on 9 Oct 2008, the stock price rose 1.31%, closing at HKD 73.45 per share in response to the boost in Li's holdings.


Source: National Business Daily

Date: 10 Oct 2008

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