Goldman Sachs trims holding in ICBC by another $1 billion

Goldman’s fifth sell-down in the Chinese bank since 2009 comes at a 3% discount and is accompanied by several other equity deals, including primary offerings from Axis Bank, Ascott Reit and Fraser’s Property China.

Goldman Sachs trims holding in ICBC by another $1 billion

Goldman Sachs last night trimmed its stake in Industrial and Commercial Bank of China ICBC through a $1 billion block trade its fifth such sale since it first invested in the Chinese bank in 2006.

The self-led deal was launched at a fixed 3% discount and was well received by investors. According to a source, almost 100 accounts participated in the transaction and when the order books closed at 8pm Hong Kong time, it was...

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