An investment platform under Meituan, Shanghai Hantao Information Consulting, reduced its stake in Enlight Media by 51.9131 million shares through block trades and competitive bidding over the three months from May 11 to August 10, cashing out approximately 638 million yuan. Its holding fell from 6 percent to 4.23 percent, officially removing it from the list of major shareholders with a stake above 5 percent. This marks the first large-scale exit by the Meituan group since it became a major shareholder of Enlight Media in 2016. Enlight Media reported first-quarter revenue of 191 million yuan, down 93.59 percent year-on-year, and net profit attributable to the parent of 23.2756 million yuan, down 98.85 percent year-on-year, as performance slumped sharply without blockbuster films to support it. The company's share price has been falling since February, and as of the time of writing on August 12, it was trading at 11.98 yuan per share, down more than 55 percent from its high for the year.
Beijing Enlight MediaMeituan-linked entity reduced stake, exiting major shareholder status, and company's Q1 revenue and profit plunged sharply.
