| The Shanghai stock market dived 6.5% yesterday after the Hong Kong Stock Exchange disclosed that China’s domestic sovereign wealth fund Huijin had sold some of its bank holdings. Why is this news clip such a big deal? Huijin is the major shareholders of the Big Four banks and this is its FIRST divestment.
Since 2008, Huijin has bought altogether 855 million shares of ICBC (1398.Hong Kong) and 561 million shares of China Construction Bank (939.Hong Kong in five rounds. “Its actions were largely seen as a symbolic support to both the market and the banking sector,” wrote Deutsche Bank analyst Tracy Yu and team this morning....................................Full Article: Source
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