Allianz and Amex sell half their ICBC shares

The pre-IPO investors sell shares through a privately negotiated deal that is completed hours after their lockup expires. Goldman Sachs retains all its shares for now.

April 28 was without doubt the most watched lockup expiry in the Hong Kong market so far this year and as it was drawing closer, the prospect of a large sell-down once again had a downward impact on Industrial and Commercial Bank of China's share price. As it were, investors didn't have to wait long. Only eight hours or so after the strategic pre-IPO investors became allowed to sell part of their holdings, it emerged that Goldman Sachs had placed...

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