Goldman sells unlocked ICBC shares

Goldman Sachs put up to US$1.9 billion worth of shares in Industrial and Commercial Bank of China (ICBC) up for sale in Hong Kong yesterday, the South China Morning Post reported, citing market sources. Goldman offered 3.03 billion shares at between HK$4.80 (US$0.62) and HK$4.90. The bank is thought to have sold more than 91% of 3.3 billion shares in ICBC that exited their lock-up period at the end of April. Goldman still holds 13.1 billion shares in the Chinese lender that cannot be sold until their lock-up period expires on April 28, 2010. Ahead of yesterday’s sale, there had been speculation that Goldman would attempt to sell shares through a private placement. However, strong liquidity may have encouraged the bank to sell on the public market instead.