China's Bosideng drops as key shareholder plans discounted sharesale
** Shares of Chinese down apparel maker Bosideng International Holdings 3998.HK drop as much as 18.3% to HK$3.90, their biggest one-day drop since June 2019, extending losses for the second session
** Stock top loser on Hang Seng Composite Index .HSCI
** Bosideng's founder and controlling shareholder Gao Dekang owned New Surplus International said it would sell HK$1.72 billion ($220.13 million) worth of the down apparel maker's stock, reducing its stake to 11.96% from 15.60%
** The shareholder plans to sell 400 million shares at HK$4.31 each to third party investors. That represented a 9.6% discount to Tuesday's close of HK$4.77 per share
** Says the proceeds will be used for capital needs and development of charity work of New Surplus International
** Stock hits lowest since April 18
** Hang Seng Consumption Index .HSCGSI slips 0.4% while Hang Seng Composite Index .HSCI gains 0.5% and Hang Seng Index .HSI adds 0.6%
** Stock up 16.8% YTD
Reporting by Donny Kwok
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