Stock Track | Zhejiang Shibao Plummets 5.51% Intraday as Major Shareholder Plans 3% Stake Sale

Stock Track04-28

Zhejiang Shibao's stock price plummeted 5.51% during Tuesday's intraday trading session, marking a significant decline for the automotive parts manufacturer.

The sharp drop follows the company's announcement that its controlling shareholder, Zhejiang Shibao Holding Group, plans to sell up to 3% of the company's total share capital, equivalent to approximately 24.68 million A-shares. The planned stake reduction is scheduled to take place between May and August 2026 through a combination of centralized bidding and block trades.

According to the disclosure, the shareholder intends to sell up to 1% of shares through centralized bidding and up to 2% via block trades, with the stated reason being the shareholder's own capital requirements. The announcement has created selling pressure as investors anticipate increased supply of shares in the market from this major shareholder.

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