JPMorgan Chase raises holdings in China Shenhua

Dec. 3, 2008 (China Knowledge) - U.S.-based financial holding company JPMorgan Chase & Co has raised its shareholding in China Shenhua Energy Co Ltd<601088><1088> to 10.08% from 9.97% on Nov. 25, according to the bourse operator Hong Kong Exchanges and Clearing (HKEx)<388>.

HKEx said in a statement that JPMorgan Chase has acquired 3.82 million H-shares in China Shenhua for HK$47 million. The average price of the share transaction was HK$12.32 apiece.

The country's largest coal producer earlier announced its net profit for the third quarter this year soared 48.4% to hit RMB 7.89 billion from RMB 5.32 billion a year earlier, fuelled by higher selling prices and production capacity. 

H-shares of China Shenhua tumbled 6.02% to end at HK$13.42 on Tuesday.