JPMorgan cuts shareholdings in 4 Chinese companies

Published: 22 Jun 2009 01:03:12 PST

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Jun. 22, 2009 (China Knowledge) - U.S.-based financial holding company JPMorgan Chase & Co recently cut its shareholdings in several Chinese firms, according to the bourse operator Hong Kong Exchanges and Clearing (HKEx)<0388>.

Information from HKEx showed that JPMorgan cut its H-share holding in China COSCO Holdings Co Ltd<601919><1919> to 5.86% from the previous 6.05%. JPMorgan sold 4.97 million H-shares of China COSCO on Jun. 16 for HK$49.53 million in total or HK$9.96 apiece.

On the same day, JPMorgan also cut its H-share holding in Maanshan Iron & Steel Co Ltd<600808><0323> to 14.84% from the previous 15.09%, selling 4.29 million H-shares of the Chinese company for HK$21.1 million in total or HK$4.92 per share.

On Jun. 17, JPMorgan cut its shareholdings in Guangzhou R&F Properties Co Ltd<2777> to 8.63%, selling 6.41 million H-shares of the company. The average share price of the transaction was HK$17.56 apiece. It also cut its shareholdings in Angang Steel Co Ltd<000898><0347> to 9.66%, selling 6.47 million H-shares for an average of HK$12.25 apiece.

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