Investor sells 100m CCB shares for HK$405m

PUBLISHED : Tuesday, 17 March, 2009, 12:00am
UPDATED : Tuesday, 17 March, 2009, 12:00am

An undisclosed investor raised HK$405 million by selling 100 million China Construction Bank Corp H shares yesterday, taking advantage of the recent strength of mainland banking stocks.

The seller hired UBS to offer the shares at a fixed price of HK$4.05 each to institutional investors during the midday break, according to a sale document obtained by fund managers. The offer price represents a 2.9 per cent discount to the stock's morning closing price of HK$4.17.

CCB closed 2.94 per cent higher at HK$4.20, bringing the gain in the past two trading days to 8 per cent.

'The deal was completed within a short time as there are indications and grounds for investors recently to play an optimistic and bullish view on China equities,' a source said.