Cloud Factory Technology (HKG:2512) said a controlling shareholder has transferred a 31.7% stake in the company under a family trust arrangement, according to a Tuesday Hong Kong bourse filing.
Shares of the cloud services provider were down over 1% in Wednesday morning trade.
Ru Yi Information Technology transferred 151.8 million shares to Keen Try No.2 Limited as part of a discretionary trust established by Chairman and Chief Executive Sun Tao for family wealth planning purposes.
It added that Hong Kong's securities regulator has granted a waiver from the mandatory general offer requirement that would otherwise arise under the takeover rules.
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