Piano Announces 5% Shareholder Plans to Sell Up to 5.4875 Million Shares

Piano said on September 10 that Zhuhai Honglu Enterprise Management Partnership, a shareholder holding more than 5% of the company, plans to reduce its stake by no more than 5.4875 million shares over the three months starting 15 trading days after the announcement. The sale would account for about 3% of Piano's total share capital, according to Jiemian News. The shareholder plans to sell up to 1.8292 million shares via centralized bidding and up to 3.6583 million shares via block trades, with no price range set. Based on Piano's closing price of 21.47 yuan per share on September 9, the planned sale would be worth up to about 118 million yuan.