# BDO

Founder Sells into Rally as Losses Mount: Shaanxi Heimao’s Chairman Realises ~RMB170m After Two Years of RMB2.2bn Deficits

Shaanxi Heimao’s founder, Li Baoping, sold 32.79 million shares in a block trade that realised about RMB170.8m after buying the same stock a year earlier for roughly RMB100m. The company, a coking producer, has reported two consecutive years of heavy losses totalling more than RMB2.2bn and faces industry-wide headwinds including weak coke prices, high input costs and structural overcapacity.