Tianli International (HKG:1773) said its chairman and chief executive officer, Luo Shi, purchased 1 million shares on the open market at an average price of HK$2.8 per share on Tuesday, according to a same-day Hong Kong bourse filing.

The education management firm's shares were down over 1% in morning trade on Wednesday

The purchase represents about 0.05% of the company's issued share capital.

Following the transaction, Luo holds about 44.4% of Tianli's issued shares, excluding treasury shares and shares repurchased but not yet cancelled, the filing showed.