View: Are Sovereign Wealth Funds Less Bullish on China?

February 05, 2015 by Loch Adamson

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The Qatar Investment Authority (QIA) is making news again. Not this time because it bought something for billions of dollars , like Canary Wharf, but because it has sold a handful of shares for a few million dollars. At the end of last week, QIA sold 26.4 million Hong-Kong-listed shares in Agricultural Bank of China for HK$101.7 million ($13.1 million) slightly reducing its stake to 14.95 percent from 15.03 percent. No big deal in itself. But what is interesting is that a year ago QIA owned 22 percent of the company. The fund bought its stake during AgBank’s $20.8 billion initial public offering in Hong Kong and Shanghai in July 2010. In February 2014 it started selling them on the open market . QIA is not alone among sovereign funds in unloading Hong-Kong-listed financial shares recently. Over the past two months Singapore’s two sovereign investors, GIC and Temasek Holdings , have also cut their investments…

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