JPMorgan Sells 140 million H shares of China's Ping An for USD1.7 Billion
Xu Wei
DATE:  Dec 01 2017
/ SOURCE:  Yicai
JPMorgan Sells 140 million H shares of China's Ping An for USD1.7 Billion JPMorgan Sells 140 million H shares of China's Ping An for USD1.7 Billion

(Yicai Global) Dec. 1 – JPMorgan Chase & Co. [NYSE:JPM], a major shareholder of Ping An Insurance (Group) Company of China [SHA:601318; HK:2318], cut its long position by selling 140.2 million Ping An shares for USD1.75 billion on Nov. 24, with the average transaction price of HKD82.71 (USD10.58) per share and the highest transaction price of HKD83.75.

After the transaction, JPMorgan still holds 18.03 percent of the issued shares of the company, showed the latest data from Hong Kong Exchanges and Clearing Limited (HKEx).

Starting from October, JPMorgan bought H shares in Ping An in batches, increasing holdings from 17.03 percent to 19.58 percent initially, but reduced them by nearly 2 percent in a massive sell on Nov. 24, data from HKEx indicated.

The price of H shares in Ping An has been rising since October, once climbing over 30 percent at one point and hitting a two-year high on Nov. 22, with the highest price of HKD87.10 per share.

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Keywords:   Pingan,JPMorgan Chase