Lenovo Group Ltd. (00992.HK) chairman and chief executive Yang Yuanqing is said to have sold 40 million shares of the company between November 18 and 21 to cash in about HK$370 million (US$47.73 million), the Shanghai Securities News reported Tuesday. Following the sale, Yang’s stake in the firm has fallen to 7.68 percent from 7.92 percent, it said. A Lenovo spokesperson said the sale was aimed at repaying some debt as Yang had taken bank loans earlier to purchase the stock. Some other shareholders of Lenovo, including Ma Xuezheng, Zhu Linan, Tian Suning, had also trimmed their shareholdings, the report noted.
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