Xiaomi Group Declines 5.05%, Lin Bin resells 350 million Class B shares Via Goldman Sachs

Xiaomi Mi

On the 9th and 17th, Xiaomi Group fell 5.05% and is now at 21.60 Hong Kong dollars. The latest market value is 521.146 billion Hong Kong dollars.

On September 14, according to the terms of the transaction disclosed by media, Lin Bin, the vice-chairman of Xiaomi Group, is seeking to sell Xiaomi’s stocks of up to 1 billion U.S. dollars (about 6.8 billion yuan). 2% of such stocks, accounting for 1.5% of the total issued share capital. People familiar with the matter close to Xiaomi said that Lin Bin is not going to sell for cash, but to entrust it to a trust.

On September 15, Xiaomi Group issued an announcement in response to Vice Chairman Lin Bin’s plan to reduce its holdings, saying that Xiaomi Group Vice-Chairman Lin Bin had resold 350 million Class B shares through Goldman Sachs. The announcement shows that Lin Bin and his wholly-owned Apex Star LLC (as the seller) and Goldman Sachs (as the administrator) sold 350 million Class B shares of the company in the block trading agreement concluded on September 15, 2020.

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