CT Vision (HKG:0994) said its controlling shareholder, CT Vision Investment, has sold 293.3 million shares under two sale agreements, according to a Monday Hong Kong bourse filing.

Shares of the company were up nearly 32% in Tuesday morning trade.

The transactions involved the sale of 133.3 million shares to an independent third party and 160 million shares to a corporation controlled by an existing shareholder, representing 12% and 14.4% of the company's issued share capital, respectively.

Following completion, CT Vision Investment's stake fell to 305.8 million shares, or about 27.5% of the issued share capital, from 53.9% previously.

Despite the reduction, CT Vision Investment and the second purchaser, which is acting in concert with it, continue to hold more than 30% of the company's voting rights and remain controlling shareholders under the Securities and Futures Ordinance, the filing said.