Red Avenue New Materials Group (SHA:603650) said shareholder Yutong Investment is planning to sell up to 7.5 million shares, or 1.25% of the company's total equity, due to funding needs.
The sale is set between March 11 and June 10 via block trades or centralized bidding, according to a Monday filing with the Shanghai bourse.
Yutong Investment currently holds 31.39 million shares, or a 5.24% stake, in the chemical material manufacturer.
Shares of Red Avenue New Materials Group closed 5% lower Monday.
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