JPMorgan Chase, Mirae Asset cut holdings in CMB

Published: 19 Jan 2009 00:00:00 PST

Jan. 19, 2008 (China Knowledge) - U.S.-based financial holding company JPMorgan Chase & Co and Korea's Mirae Asset have both recently cut their shareholdings in China Merchants Bank(CMB)<600036><3968>, according to the bourse operator Hong Kong Exchanges and Clearing (HKEx)<388>.

Information from HKEx showed that JPMorgan Chase reduced its holdings in CMB to 16.96% on Jan. 9 after it sold 5.07 million H-shares in the Shenzhen-based lender for HK$68.95 million. The average price of the share transaction was HK$13.6 apiece.

Seoul-based Mirae Asset cut its shareholding in CMB to 6.99% from 7.09% after it sold 2.52 million H-shares in the Chinese lender on Jan.12 for HK$34.5 million, with HK$13.694 per share.

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