Giant released a letter from the CEO providing some background on the previously announced share sale by founder Yuzhu Shi. Although it doesn't undo the shock and awe from the earlier announcement, it should put investors' minds at ease somewhat because it does show that management is keeping an eye on the stock price and paying attention.
Additionally, the company reaffirmed Q2 guidance ("moderate revenue growth") and reiterated its commitment to the 50% payout ratio (POR) for the semi-annual dividend.
It obviously would have been better to address this earlier (a proactive vs. reactive approach), but I think that all things considered, the 17% price drop since the announcement may be overdone. Good luck to all in the stock.