The Capital Group Companies has sold a 2 percent stake in Postal Savings Bank of China (1658) to cash in HK$1.5 billion. The American financial services firm offloaded 407 million H-shares of the Chinese state-owned lender for a total of HK$1.53 billion last Thursday. Its holdings in the bank dropped from 5.36 percent to 3.31 percent after the disposal, below the disclosure threshold of 5 percent. Meanwhile, Wang Xing, the co-founder and chairman of Meituan (3690), sold a total of 1.95 million shares of Li Auto (2015) for HK$310 million last week, a separate filing showed. Wang, a non-executive director of the electric vehicle maker, had a 21.79 percent stake in the firm after the cut, down from 21.9 percent.

Source: The Standard September 19, 2023 14:59 UTC