Qian Fenglei—actual controller of Hengfeng International—reduced his stake in Jingwei Tiandi, cashing out approximately HK$107 million.

Hong Kong-listed company Jingwei Tian Di (02477.HK) announced after market close on October 21 that its major shareholder, Hengfeng International, sold 716 million shares via the open market that day at an average price of HK$0.1494 per share, raising approximately HK$107 million in proceeds. Following this sale, Hengfeng International’s stake plunged from 24.94% to 10.01%. Hengfeng International is ultimately controlled by Qian Fenglei, who holds a 78.56% stake in the company. Jingwei Tian Di was officially added to the Stock Connect eligible list in March this year. According to Caixin, a veteran Hong Kong financial analyst noted that the large-scale share sale—executed at a price significantly below market expectations—raises questions about its underlying motivation and may be linked to the Securities and Futures Commission’s (SFC) recent intensified crackdown on market manipulation.