With their stock trading near a 52-week high, and up 61% from a year ago, a Giant Interactive Group (NYSE: GA ) insider is cashing out at the top.
On Wednesday, Giant announced that Vogel Holding Group Limited, an affiliate of its chairman, Yuzhu Shi, intends to sell 15.1 million American depositary shares of Giant stock in a public offering. An overallotment option may trigger an additional 2.3 million shares being brought to market, also coming out of Vogel's holdings.
No specific offering price has been named, but with one ADS representing one share of common stock, at Wednesday's closing price of $7.55 per ADS, the offering promises to gross more than $131 million for Vogel. Giant itself will collect no money from this offering.