GigaDevice Semiconductor (HKG:3986) said Chairman Zhu Yiming plans to reduce his stake by up to 11.2 million mainland-listed shares, or about 1.6% of the company's total share capital, according to a Wednesday Hong Kong bourse filing.
The disposal is scheduled to take place between April 30 and July 29 via on-market and block trades, driven by personal funding needs, the filing said.
Zhu currently holds about 45.8 million shares, or 6.5% of the company, while a concert party holds an additional 1.9% stake.
GigaDevice's shares rose nearly 3% in recent trade.
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