$Baoxin Finance (01282.HK) $It was announced that the board of directors was further informed by Yao Jianhui, Chairman and CEO of the company, that Yao Jianhui's wholly-owned company and Baoxin Development, the controlling shareholder of the company, sold 5.36 billion shares of the company on the open market on May 12, 2022, accounting for about 17.08% of the company's total issued shares. As of 9:20, it had increased by 10.00%, the price was HK$0.033, and the turnover was 1.106,200.

According to reports, Yao Jianhui also informed the company that the proceeds from the further sale are intended to be used to repay a loan payable to a financial institution by a company controlled by the other party (not a group).

Following the further sale and on the date of this announcement, the number of company shares held by Baoxin Development was reduced to about 6.833 billion shares (accounting for about 21.77% of the company's total issued shares), and Baoxin Development and Yao Jianhui were each no longer the controlling shareholders of the company, but they were still the company's single largest shareholder.