(Yicai Global) Aug. 27 -- Lin Bin, co-founder and president of Xiaomi, has cashed in some HKD370 million (USD47 million) worth of the Chinese tech giant's shares on the secondary market, according to the Hong Kong Stock Exchange.

The 58-year-old Lin sold 26.7 million shares on Aug. 21, 5.6 million on Aug. 22 and 9 million on Aug. 23, making up 10.5 percent of the Hong Kong-listed firm's trading volume over the three days. He sold for around HKD9 (USD1.15) a share. The stock [HKG:1810] ended today at HKD8.79.

The 41.3 million shares Lin sold did not exceed 1.5 percent of his total stake in the company, Xiaomi told news site The Paper.

Lin also transferred 3.7 million shares on Aug. 23 to his family fund, the Bin Lin and Daisy Liu Family Foundation, a non-profit engaged in charity work, education, science, literature and religious activities.

First-half net profit at Xiaomi, best known for its smartphones and intelligent home devices, rose almost 50 percent to CNY5.7 billion (USD798 million) from a year earlier, it said on Aug. 20. The firm's shares hit a month high of HKD9.60 the next day before crashing 5 percent.

Editor: James Boynton