PT International Development (HKG:0372) said controlling shareholder and Chairman Louis Ching has completed an internal share transfer to streamline his holding structure, according to a Wednesday Hong Kong bourse filing.

Shares of the firm were down over 17% in Thursday afternoon trade.

Before the transfer, Ching held 153.9 million shares, or 50.83% of the company, through personal holdings, Champion Choice, and Marching Great.

He has now transferred 15 million personally held shares and 73.2 million shares held by Champion Choice to Marching Great for a nominal consideration of HK$1 each, the filing said.

After the restructuring, Ching maintains control of 153.9 million shares, or 50.83%, with all of his holdings consolidated under Marching Great.