MTT Group’s Controlling Shareholder Trims Stake but Retains Control

The latest announcement is out from MTT Group Holdings Limited ( (HK:2350) ).

MTT Group Holdings Limited has disclosed that controlling shareholder QH Technology Holdings Limited, wholly owned by chairman Yan Wei, has agreed to sell 20 million shares, or about 3.2% of the company’s issued share capital, to an independent third-party buyer. The buyer has committed not to dispose of these shares for 18 months without QH Technology’s consent and not to vote against any resolutions supported by QH Technology.

Following completion of the transaction, QH Technology’s stake will fall from roughly 46.7% to about 43.5%, but it will remain the controlling shareholder of the company. The board emphasized that the buyer is independent under Hong Kong listing rules and advised shareholders and potential investors to exercise caution when dealing in the company’s shares.

The most recent analyst rating on (HK:2350) stock is a Hold with a HK$0.89 price target. To see the full list of analyst forecasts on MTT Group Holdings Limited stock, see the HK:2350 Stock Forecast page.

More about MTT Group Holdings Limited

MTT Group Holdings Limited is a Cayman Islands-incorporated company listed on the Hong Kong Stock Exchange. The group operates through subsidiaries, with ownership concentrated in controlling shareholder QH Technology Holdings Limited, which is wholly owned by chairman and executive director Yan Wei.

Average Trading Volume: 2,909,830

Technical Sentiment Signal: Buy

Current Market Cap: HK$556.2M

Learn more about 2350 stock on TipRanks’ Stock Analysis page.