China’s national pension fund cuts stake in CBC again
16 August 2012
News, Asia, China
The Hong Kong Exchange has revealed that China’s national pension fund sold HK$20.59 million (US$3.27 million) of shares in Industrial and Commercial Bank of China (ICBC), according to a report from news provider MorningWhistle on Wednesday (August 15).
On August 8, the fund released 4.51 million shares of ICBC, the largest bank in the world by assets, at a price of HK$4.56 per share. This marks the third time the national pension fund has cut its stakes in the lender. Accordingly, its stake in ICBC dropped from 14% to 13%.
The HK$4.56 per share is equivalent to 3.74 yuan (US$0.59) per share, below the 3.83 yuan per share closing price seen in China’s A-share market on Tuesday.
On February 8 and May 6, the fund reportedly cut its shares of ICBC by 18 million and 9 million shares respectively, valued at HK$9.91 million and HK$4.23 million each at the time.
The lender is scheduled to release its interim report on August 31. The bank share closed at 3.81 yuan on the Shanghai bourse and HK$4.5 in Hong Kong, down 0.26% and 1.10%, respectively.
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