The world's largest footwear manufacturer, Yue Yuen Industrial (Holdings) Ltd, on Wednesday said its public free float climbed to 28.3 per cent from 25.8 per cent after major shareholders sold 40 million shares.

The company, which makes shoes for industry giants like Nike, Timberland, Adidas and Reebok, said in statement the Tsai family and certain directors sold the shares to institutional investors at HK$15.40 per share.

It added the private placement was aimed at increasing the public free float and liquidity of the stock, while the sale reduces the Tsai family's stake to 20 per cent from 21.9 per cent.