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JPMorgan cuts shareholdings in 3 Chinese firms 
JPMorgan cuts shareholdings in 3 Chinese firms

May 14, 2009 (China Knowledge) - U.S.-based financial holding company JPMorgan Chase & Co reduced its shareholdings in three Chinese firms on May 7.

JPMorgan cut its shareholding in Guangzhou R&F Properties Co Ltd<2777> to 10.64% from the previous 11.05% after selling 4.14 million H-shares in the property company for HK$63.04 million. The average share price for the transaction was HK$15.24 apiece.

On the same day, JPMorgan sold shares in Huadian Power International Corp Ltd<600027><1071> and Great Wall Motor Co Ltd<2333>. It sold12.45 million H-shares in the power company for a total of HK$25.65 million, reducing its holdings to 10.01% from 11.47%, and sold 3.58 million H-shares in the auto company for a total of HK$16.13 million, reducing its share to 9.14% from 10.61%.