On April 27, Wuxi Biologics opened low. As of 10:31, it fell 6.01% to HK $107.9, with a turnover of more than HK $13.7 billion.

This morning, Wuxi Biologics announced that WuXi Biologics Holdings Ltd (WBH), the main shareholder, had placed 108 million existing shares, accounting for about 2.56 per cent of the issued share capital, with a placing price of HK $107,6.79 per cent lower than yesterday's closing price of HK $114.8, involving an investment of HK $11.556 billion.

Before the completion of the placement, Biologics Holdings held 843251133 shares in Wuxi Apptec, accounting for about 20 per cent of the total issued share capital. Dr. Li GE, chairman and non-executive director, controls approximately 21.44% of the issued share capital of Biologics Holdings and approximately 57.71% of the voting rights at its general meeting.

Assuming that the placement will be completed as expected, Biologics Holdings's stake in the company will be reduced from about 20 per cent of the total issued share capital to about 17.44 per cent; and Biologics Holdings will continue to be the majority shareholder of the company.

Wuxi Biologics's main shareholder WBH placed old shares many times before and reduced his holdings four times last year. The most recent was in early January, when more than 100m shares, equivalent to 2.5 per cent of issued share capital, were placed, involving more than HK $9.8 billion.

Wuxi Biologics's share price hit an all-time high of HK $128.9 in February. The stock has risen less than 5 per cent since the start of the year.