Chanjet Information Technology (HKG:1588) said its controlling shareholder Yonyou had disposed of some of the company's shares, according to a Hong Kong bourse filing Wednesday.

Yonyou and its subsidiary Yonyou Up Information Technology sold 28,135,071 H shares and 13,972,778 H shares of the IT firm to meet their own development needs.

The shares were sold at HK$7.60 apiece, and represented 8.64% and 4.29% of the company's issued share capital.

Following the sale, Yonyou continues to hold 174,350,542 shares representing 53.53% of the business.

Chanjet's shares were up over 6% in midday trade.