Li Auto shares fell 4.4% in Hong Kong trading on Wednesday following a disclosure that Meituan chief executive Wang Xing, a major shareholder of the electric vehicle maker, recently trimmed his stake in the company for a second time this year following a previous reduction in March. Wang sold an additional 5.7 million Hong Kong-listed shares in Li Auto for more than HK$600 million (US$76.4 million) from June 10 to June 13, according to a filing to the Hong Kong Stock Exchange. The sale reduced his holding to 20.6% from 20.9%. Before this filing, the last time Wang disclosed his Li Auto stake was on March 25 when he reduced his stake to 20.9% from 21.3%. This has triggered Metiuan, China’s biggest food delivery service, to defend its market share, which inevitably comes with big costs, analysts told Reuters.