Cloud Factory Technology (HKG:2512) controlling shareholder Ru Yi Information Technology will divest up to 69 million shares, according to a Monday disclosure to the Hong Kong bourse.

The shares to be sold comprise 15% of the entire shareholding of the data center services company, the filing said.

Upon completion, Ru Yi IT's shareholding will fall to 276 million shares, or 60% of the entire shareholding of Cloud Factory Technology.

Ru Yi and Chairman/Chief Executive Officer Sun Tao will continue to be the controlling shareholders, the filing said.

Shares in the data center services company plunged 23% during afternoon trading Monday.