BUZZ-China's Bosideng drops as key shareholder plans discounted sharesale

Reuters07-03

** Shares of Chinese down apparel maker Bosideng International Holdings drop as much as 18.3% to HK$3.90, their biggest one-day drop since June 2019, extending losses for the second session

** Stock top loser on Hang Seng Composite Index

** Bosideng's founder and controlling shareholder Gao Dekang owned New Surplus International said it would sell HK$1.72 billion ($220.13 million) worth of the down apparel maker's stock, reducing its stake to 11.96% from 15.60%

** The shareholder plans to sell 400 million shares at HK$4.31 each to third party investors. That represented a 9.6% discount to Tuesday's close of HK$4.77 per share

** Says the proceeds will be used for capital needs and development of charity work of New Surplus International

** Stock hits lowest since April 18

** Hang Seng Consumption Index slips 0.4% while Hang Seng Composite Index gains 0.5% and Hang Seng Index

adds 0.6%

** Stock up 16.8% YTD

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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