China Minzhong

China Minzhong: to lift halt at 11.15am. Announces the purchase of 10.3% stake in the co, by institutional funds and high net worth investors through a vendor shares placement from Olympus Capital at placement price of $0.80/sh. Says it is a natural progression for private equity funds such as Olympus to liquidate their invmts post IPO and return capital to investors. Says the placement has helped alleviate the "share overhang" issue on the co, and brought in new institutional and HNWI sh/h for the co's next phase of growth. Senior mgt has also taken the opportunity to increase its sh/h in the firm, via the placement. CEO and Chairman Lin Guo Rong taises total stake to 6.37% from 6.35%. CFO Siek Wei Ting raised total stake to 5.49% from 5.46%.