JPMorgan cuts shareholding in Sinopec to 8.84%

Published: 15 Sep 2009 01:46:33 PST

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Sep. 15, 2009 (China Knowledge) - U.S.-based financial holding company JPMorgan Chase & Co recently reduced its shareholding in China Petroleum & Chemical Corp Ltd<600028><0386><SNP>, which is Asia's largest oil refiner and is known as Sinopec, to 8.84% from the previous 9.08%, according to the bourse operator Hong Kong Exchanges and Clearing<0388>.

Information from HKEx showed that JPMorgan on Sep. 9 sold 40.03 million shares of Sinopec for HK$271 million. The average share price of the transaction was HK$6.78 per share.

H shares of Sinopec dropped 0.89% to end at HK$6.71 yesterday.