MTT Group (HKG:2350) said its controlling shareholder QH Technology agreed to sell 70 million shares, representing about 11.2% of the company's issued share capital, according to a March 6 Hong Kong bourse filing.

Shares of the information technology company were down nearly 1% in Monday morning trade.

QH Technology, which is wholly owned by Chairman Yan Wei, entered into separate sale and purchase agreements with two independent buyers to dispose of 50 million shares, or 8%, and 20 million shares, or 3.2%, respectively.

Upon completion of the transactions, QH Technology's stake in the company will fall to about 46.7% from about 57.9%, but it will remain the controlling shareholder.