TOKYO, Nov 27, 2024 (BSS/AFP) - Shares in the Japanese entertainment giant
behind the popular Hello Kitty brand plunged on Wednesday after major
shareholders said they would reduce their stakes.

A statement issued Tuesday by Sanrio said shareholders including major bank
Mitsubishi UFJ will let go of as many as 25.9 million shares, sold at a price
to be determined later.

The move is intended to "expand and diversify the shareholders' base", Sanrio
said.

Shares in the firm dived as much as 17 percent on Wednesday morning before
paring the losses to around 14.6 percent.

The mastermind behind Hello Kitty had seen its value more than double this
year, driven in part by strong profits linked to the feline-like character
whose cute, enigmatic face has adored fans worldwide for decades.

Since CEO Tomokuni Tsuji took over from his grandfather in 2020, its share
price has soared more than seven-fold, pushing its market capitalisation to
more than one trillion yen ($6.8 billion).

Even as Hello Kitty turned 50 this year, the cultural phenomenon shows no
sign of slowing, with a Warner Bros movie in the pipeline and a new theme
park due to open next year on China's Hainan island.