BRIEF: Haitong offloads 20% pledged stake in Sunshine 100

Property developer Sunshine 100 China Holdings Ltd. (2608.HK) said on Monday that Haitong International sold 521 million of the company’s shares in the open market on May 21 and May 22, representing approximately 20.43% of its issued share capital.

Haitong had received the shares from Joywise Holdings, which is principally controlled by Yi Xiaodi, who pledged the shares to Haitong under a 2019 financing agreement. Post-disposal, Joywise still retains 563 million Sunshine 100 shares, amounting to 22.09% of the company’s issued shares.

Sunshine 100 has faced operational strain during China’s ongoing real estate downturn, reporting its 2024 loss widened 82% year-over-year to 5.8 billion yuan（$805 million）. The company has 22.9 billion yuan in short-term debt and 630 million yuan in cash reserves, with negative equity of nearly 5 billion yuan.

Shares of Sunshine 100 opened flat at HK$0.01 on Monday. The stock is down over 85% from its high over the last six months.

By Lau Chi Hang

To subscribe to Bamboo Works weekly free newsletter, click here