ICBC block

Goldman sells $1.1 billion ICBC stake

The deal is priced at a 6% discount and downsized slightly from the original target as markets tumble during the bookbuilding.

Goldman Sachs last night raised HK$8.55 billion $1.1 billion from a sell-down of its stake in Industrial and Commercial Bank of China. This is the third time Goldman has reduced its holding since it invested in the Chinese bank in 2006 and it could have chosen a better day to do so.

Things looked pretty good when the Hong Kong market closed. The Hang Seng Index added 1.7%, the banking sector was up and ICBC gained 3.6% to its highest close since early August. It is easy to understand why Goldman expected investors would be open to putting on some more risk. But a few hours later, everything had...

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