BRIEF: Haitong offloads 20% pledged stake in Sunshine 100
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Haitong International sold 521 million shares of Sunshine 100 China Holdings Ltd., representing about 20.43% of its issued share capital, on May 21 and 22. Joywise Holdings, controlled by Yi Xiaodi, pledged these shares to Haitong in a 2019 financing agreement. Despite the sale, Joywise retains 563 million shares (22.09% of issued shares). Sunshine 100 reported an 82% year-over-year loss increase to 5.8 billion yuan for 2024, with significant short-term debt and negative equity. The stock is down over 85% from its six-month high.
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