Chi-Med rocked as major shareholder drops stake

Hutchison China Meditech’s (HCM) largest shareholder, CK Hutchison, has sold 1.3 per cent of the company’s shares to take its stake below 50 per cent for the first time. The sale, which was completed on the US Nasdaq index, sparked a 6 per cent drop in the company’s Aim-traded shares, which had already fallen 36 per cent in just six months.