TCL Employees Cash Out 1% of Shares
Sina Tech, 5/07/08
TCL Corporation (000100.SZ) has announced that the TCL Corporation union, made up of TCL employees, has sold off 26 mln shares, or a 1.01% stake in the firm, during the period from April 27, 2007 to May 5, 2008.
The China Securities Regulatory Commission (CSRC)'s Guidance Opinion on Transfer of Stock Shares with Terminated Sales Limit of Listed Companies, published on April 20, specifies that sales of more than 1% of a company's stock in a single month should be done through the block trading system. Securities insiders believe that TCL employees wish to divest themselves of as much stock as possible and have reached the 1% limit.
Keywords: 000100.SZ CSRC hardware TCL Corporation
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