A branch of China’s sovereign wealth fund, Central Hujin Investment, has sold RMB3.5 billion (US$565 million) in shares of Industrial & Commercial Bank of China (1398.HKG, 601398.SHA) and China Construction Bank (0939.HKG, 601939.SHA), potentially paving the way for further reduction of government control of the country’s biggest banks, Bloomberg reported, citing filings to the Hong Kong Stock Exchange. Hujin holds stakes in 19 of the biggest financial institutions in China, and had raised stakes in the country’s four largest banks in recent years to bolster valuations near record lows.
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