Beijing Enlight Media (SHE:300251) proposed to dispose of up to 4% of its equity in video cloud services provider Hangzhou Arcvideo Technology (SHA:688039), according to a Shenzhen bourse filing on Wednesday.
The media company currently owns 8% of Arcvideo.
The authorization period for the proposed sale is within 12 months from shareholders' approval.
Enlight's shares slumped less than 8%, while Arcvideo's shares fell less than 3% during the midday trade.
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