Social security fund of China sells Chinese banks again13 February, 2012, 22:35. Posted by Zarathustra
Tags: Bank of China, Banks, ICBC, Industrial and Commercial Bank of China
Latest filings from Hong Kong Stock Exchange shows that the National Social Security Fund of China has sold Bank of China H share (3988.HK) and Industrial and Commercial Bank H Share (13998.HK). On 8 Feb, their holding of Bank of China was down from 10.01% to 9.99% sold at the average price of HK$3.356, while the holding of ICBC was down from 15.01% to 14.99%, sold at the average price of HK$5.508 per share.
However, as explained earlier when they sold banks, the Social Security Fund only file notices to the Stock Exchange when their holdings cross a whole percentage point. So In reality, they have sold roughly another 1% in both of the banks. Their holding of Bank of China was actually down from 10.95%, not 10.01%, and the holding of ICBC was actually down from 15.95%, not 15.01%. That means between the last time they said they sold these banks shares (i.e. in late August 2011) and 8 Feb 2012, they have got rid of roughly 1% of Bank of China and ICBC.
The motivation of the disposals of shares are unclear except they have not stopped selling at all in the Hong Kong market. But who knows, maybe they want to buy some shares in A shares market.