(Yicai Global) June 21 -- Maxscend Microelectronics’ stock price fell after the actual controller of the Chinese maker of radio frequency chips transferred CNY3.4 billion (USD472.6 million) of equity in the firm to his ex-wife as part of their separation agreement.

Maxscend’s shares [SHE: 300782] closed down 6.9 percent at CNY96.90 (USD13.48) apiece in Shenzhen today, extending its decline since the end of last year to 15 percent.

Tang Zhuang, who is also a director and deputy general manager at Maxscend, handed over 6.1 percent of its shares, equal to more than 80 percent of his holding, to Yi Gebing, the Wuxi-based company announced yesterday.

With a stake of over 5 percent, she became an official shareholder but renounced her rights such as those of voting, nomination and proposal, participation, supervision and recommendation, Maxscend added. So Tang remains the company’s actual controller, it said.

Tang, aged 50 and a US citizen, has been Maxscend’s deputy GM since August 2012 and a director since October 2016.

Earlier this month, Zhou Hongyi, founder and chairman of China’s 360 Security Technology, also settled his divorce by handing his former wife CNY6.8 billion of shares in the internet security giant. The stake transfer also caused 360 Security’s shares to fall.

Founded in 2012, Maxscend mainly researches, develops, and sells RF chips. Its first-quarter revenue nearly halved to CNY7.1 billion from a year earlier, and profit tumbled 75 percent to CNY116 million (USD16.1 million).

Editor: Futura Costaglione