Li Auto shares fell 4.4% in Hong Kong trading on Wednesday following a disclosure that Meituan chief executive Wang Xing, a major shareholder of the electric vehicle maker, recently trimmed his stake in the company for a second time this year following a previous reduction in March. Wang sold an additional 5.7 million Hong Kong-listed shares in Li Auto for more than HK$600 million (US$76.4 million) from June 10 to June 13, according to a filing to the Hong Kong Stock Exchange. The sale reduced his holding to 20.6% from 20.9%. Before this filing, the last time Wang disclosed his Li Auto stake was on March 25 when he reduced his stake to 20.9% from 21.3%. The move comes after increased competition in the Chinese food delivery sector in the last few months with e-commerce giant http://JD.comJD.com> making a foray into the market and offering heavy subsidies to boost sales. This has triggered Metiuan, China’s biggest food delivery service, to defend its market share, which inevitably comes with big costs, analysts told Reuters. [Reuters, Jiemian, in Chinese]
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