The Insider | Kerry Properties’ executive directors sell down shareholdings
Insider selling among directors of Hong Kong companies surged for the second straight week
The buying fell for the first time in the past five weeks while the selling among directors surged for the second straight week based on filings on the Hong Kong stock exchange from January 8 to 12. A total of 47 companies recorded 200 purchases worth HK$129 million (US$16.5 million) versus 28 firms with 117 disposals worth HK$328 million. The buy figures were down from the previous week’s four-day total of 48 companies, 207 purchases and HK$173 million. The sales, on the other hand, were sharply up from the previous week’s 16 firms, 64 disposals and HK$131 million.
Meanwhile, the buy-back activity was flat for the second straight week with 19 companies that posted 72 repurchases worth HK$154 million based on filings from January 5 to 11. The number of firms was down from the previous four-day total of 22 companies while the number of trades was consistent with the previous week’s 64 repurchases. The value, however, was sharply up from the previous week’s turnover of HK$98 million. The huge value was mainly due to machines and tools designer and manufacturer ASM Pacific Technology with the Group picking up 874,000 shares worth HK$96 million last week at an average of HK$109.76 each. ASM Pacific is new to the buy-back game, having previously repurchased an initial 3.24 million shares from September to December 2017 at an average of HK$107.39 each. The stock closed at HK$111.00 on Friday.
With the surge in the selling, sellers took the spotlight last week with insider sales in Kerry Properties, Hua Hong Semiconductor and Samsonite International. On the positive side, China XLX Fertiliser recorded its first buy-back in 2018 after the stock surged from its acquisition price in November last year.
Kerry Properties chairman and CEO Wong Siu-kong and executive director Bryan Pallop Gaw sold a combined 1.21 million shares of the property developer from December 28 to January 11 at an average of HK$36.06 each. The sale reduces Wong’s holding 8.486 million shares or 0.59 per cent of the issued capital while Gaw’s holding falls to 9.209 million shares or 0.64 per cent.
The stock closed at HK$36.65 on Friday.
