Qian Fenglei actually controlled Hengfeng International to cash out approximately HKD 107 million of Jingwei Tiandi shares, reducing his holdings from 24.94% to 10.01% According to Caixin, Hong Kong listed company Jingwei Tiandi announced on the evening of October 21 that its major shareholder, Hengfeng International, had sold 716 million shares on the public market at an average price of HKD 0.1494 per share, cashing out approximately HKD 107 million. Hengfeng International is controlled by Zhejiang tycoon Qian Fenglei (holding 78.56% of the shares). After the reduction, Hengfeng Jingwei Tiandi's holdings decreased from 24.94% to 10.01%. Jingwei Tiandi will be included in the "Hong Kong Stock Connect" in March 2026, allowing mainland investors to trade directly. The major shareholder's reduction in holdings is expected to have a "shock" on southbound investors.