Shen Yanan, president of ideal Automobile, reduced his holdings twice in September, cashing out about 91.13 million yuan.

According to information disclosed by the Hong Kong Stock Exchange on September 12, Shen Yanan, co-founder and president of ideal Motor, reduced his holdings of ideal Automobile shares by 600000 shares on September 6, cashing out US $7.875 million (about 54.52 million yuan). After the reduction, his ideal stock fell to 29 million shares, with his shareholding reduced from 1.71% to 1.68%.

According to the information disclosed on the official website of the Hong Kong Stock Exchange, the reduction of 600000 shares on September 6 is the second reduction of his holdings this month. On September 2, he has already reduced his holdings of 400000 shares, cashing out US $5.2888 million (about RMB 36.61 million).

The two sales on Sept. 2 and 6 totaled 1 million shares, cashing out a total of $13.1638 million (91.13 million yuan).

As the co-founder and president of ideal Automobile, Shen Yanan once held more than 30 million shares. According to data disclosed by the Hong Kong Stock Exchange, since June 12 last year, Shen Yanan has reduced his holdings of ideal automobile shares several times, reducing his holdings of ideal automobile shares by 3 million shares, from 3200 million shares to 29 million shares, and his shareholding has dropped from 1.87 per cent to 1.68 per cent.