20.04.2015 - SWFs Selling Out
On Tuesday the China Investment Corp. (CIC) disclosed that it had sold more than 375.6 million shares in Shanghai-based Semiconductor Manufacturing International Corp. (SMIC) in a series of transactions over the first three months of 2015, lowering its stake to 10.5 percent of SMIC’s shareholder capital. CIC had subscribed to purchase some HK$161.1 million ($20.6 million) in the company’s Hong Kong-listed shares in August 2014. However, SMIC’s share price has risen since then — its shares listed on the New York Stock Exchange have gained nearly 41 percent over the past 12 months — and the fund appears to have moved to cash in on the excess return...........................................Full Article: Source
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