Xiamen Jihong's (SHE:002803, HKG:2603) chairman, Wang Yapeng, plans to reduce his holdings to fund personal needs, according to a Shenzhen bourse disclosure on Tuesday.

Wang will offload 3,040,000 shares, or 0.67% of the company's current total share capital, within three months.

Currenlty, Wang owns 452,679,288 shares, or 2.69% of the Chinese packaging and marketing services provider's total share capital.