Hamon Investment buys 50 mln shares of Chongqing Machinery

Oct. 29, 2009 (China Knowledge) - Hamon Investment Group Pte Ltd, an independent asset management firm specializing in Asian investments, on Oct. 22 raised its stake in Chongqing Machinery & Electronics Co<2722> to 5.35% from the previous 0.81%, according to the bourse operator Hong Kong Exchanges and Clearing<0388>.

HKEx said that Hamon Investment last Thursday bought 50 million shares of Chongqing Machinery at an average share price of HK$1.35 apiece.

Cheah Co Ltd, which is controlled by Cheah Cheng Hye, the co-founder of Value Partners Ltd, bought 13.5 million shares of Chongqing Machinery on Oct. 14 and 1.71 million shares on Oct. 15 for a total of HK$20.7 million, raising its stake in the Chinese company to 8.15% from the 6.77% it held earlier, according to an earlier report from China Knowledge.

Shares of Chongqing Machinery fell 1.44% to stand at HK$1.37 in the morning session today.