Cheung Kong trims stakes in shipping companies

Cheung Kong and Hutchison raise a combined $479 million from the sale of shares in China Cosco and CSCL.

The Cheung Kong group was in the market last night with two separate block trades as it sought to cash in part of its holdings in Hong Kong-listed shipping companies China Cosco Holdings and China Shipping Container Lines CSCL.

While somewhat odd that Cheung Kong decided to do both trades on the same night, as this could have resulting in the cannibalising of demand, both deals were successful and the group walked away with total proceeds of $479 million....

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