Caixin OnlineFinance & EconomicsTop Stories Finance Goldman Sachs Sells Last ICBC Shares
05.21.2013 19:58

Goldman Sachs Sells Last ICBC Shares

Fears about loan quality and the country's economy behind sale by U.S. investment bank, analysts say
By Hong Kong correspondent Wang Duan

(Hong Kong) – Investment bank Goldman Sachs has cashed out on its remaining H-share holdings in Industrial and Commercial Bank of China (ICBC), amid analysts' concerns about loan quality and the economy.

It sold the stock for US$ 1.1 billion on May 20 for HK$ 5.47 to HK$5.5 per share. This represented a 2.5 to 3 percent discount on the closing price that day. The volume of shares accounted for 1.8 percent of ICBC's stock issuance in Hong Kong.

We hope you have enjoyed your free articles for the month
REGISTER to get 5 more free articles, or SUBSCRIBE to get full access to Caixin
Already a subscriber? Log in now
Sign up to receive our free daily newsletter