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Virscend Education CEO Yan Yude Increases Stake to 46.68%
The chief executive officer and executive director of Virscend Education Company Limited (HKG: 1565), Yan Yude, has increased his stake in the education provider, a disclosure filed with the Hong Kong Stock Exchange shows.
Transaction Details
According to the exchange data from August 3, Mr. Yan's disclosed interest increased by 2 million shares at an average price of HK$0.195 per share. The total consideration for the transaction amounted to HK$390,000 (approximately US$50,000).
Context of the Stake Increase
The filing coincides with a share repurchase conducted by Virscend Education on the same day, in which the company bought back 2 million of its own shares to be held in treasury. Under Hong Kong's Securities and Futures Ordinance (SFO), a shareholder who controls more than one-third of a company's voting power is "deemed to have an interest" in shares repurchased by the company.
AdThis corporate action, which reduces the total number of shares in circulation, passively increases the ownership percentage of major shareholders and is reflected as an increase in Mr. Yan's disclosed interest. The filing also noted an associated increase in the number of shares held by his spouse, Wang Xiaoying.
Updated Shareholding
Following this change, Mr. Yan's total holding in Virscend Education has risen to approximately 1.442 billion shares. This brings his latest ownership stake in the company to 46.68%.
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