Shares in China Minsheng Bank (600016.SHA) closed down 3.09% on Tuesday ending with a share price of RMB9.71 after a major investor sold 262 million shares in the company, South China Morning Post reported. New Hope Investment and South Hope Industrial, both controlled by conglomerate New Hope Group, reduced holdings in the bank to below 5%–this despite efforts by main shareholders and senior executives of Chinese-listed firms to buy back shares to stem the recent stock market rout on instructions from regulators. The CSI 300 Banks Index closed down 2.09% for the day.
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