Lee's Pharmaceutical Holdings Ltd. shareholder Essetifin SpA lowered its stake in the company to about 9.63% from about 24.07%.

Essetifin sold 39,339,935 shares, or about 6.66% of its stake, at HK$6.80 per share to a fund that is 5.71% owned by Lee's Pharmaceutical's executive director Li Xiaoyi.

It sold another 17 million shares representing 2.88% of the company to an existing shareholder of Lee's Pharmaceutical.

The remaining 28,892,000 shares, or about 4.90% of Essetifin's stake in Lee's Pharmaceutical, was also sold at HK$6.80 apiece to independent purchasers.