Citic Pacific's ex-chairman sells part of his stake

Larry Yung raises $94.5 million from the sale of a 1.6% stake in Citic Pacific, one month after the fallout from last year's FX hedging debacle led to his resignation.

Larry Yung, the former chairman of Hong Kong-listed Citic Pacific, has joined the growing list of substantial shareholders who are taking advantage of the continuing uptrend in the Hong Kong equity market to release some cash from their portfolios. Last night Yung raised HK$732 million $94.5 million from the sale of about 60 million shares in the Hong Kong-listed Chinese conglomerate, which is currently the subject of a police investigation following a series of foreign exchange bets gone wrong...

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