Brilliance shareholder selling up to $121 mln shares

Brilliance China Automotive's (1114.HK) shareholder is selling up to $121 million worth of shares, a term sheet obtained by Reuters showed on Thursday.

Huachen Automotive Group, a shareholder of Brilliance, is selling 400 million secondary shares at HK$2.20 to HK$2.35 per share, representing a 3.3 percent to 9.5 percent discount to the closing price of HK$2.43 on Thursday.

There is an upside option of selling 100 million shares, or up to $30 million.

JP Morgan is handling the share sale.