Social Security Fund cuts stake in BOC, ICBC

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China's Social Security Fund (SSF) has reduced its stake in both Bank of China and the Industrial and Commercial Bank of China (ICBC) in 2010, according to the report SSF submitted to the Hong Kong Stock Exchange.

The SSF sold 30 million BOC H shares at a price of HK$ 4.195 per share on April 1, the report said. The SSF's holding in the bank decreased to 13.99 percent from 14.03 percent. It still holds 10.642 billion H shares after the trading.

It was not the first time this year that the SSF reduced its stake in BOC. The bank said in its 2009 annual report that as of December 31, the SSF's holding in BOC was 14.89 percent, or 11.318 billion H shares, which indicated that the SSF had reduced it stake in BOC by 0.86 percent, or 646 million, not including the trading on April 1.

The SSF also cut its stake in ICBC, China's biggest listed lender, by 823 million H shares this year. The latest trading was on April 9, when the SSF sold 15.296 million ICBC H shares at a price of HK$ 6.30 per share, the report said. After the trading, SSF's stake in the bank was cut to ......

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