Goldman sells ICBC shares worth $2.25 billion

The US bank sells 23% of its remaining stake at a 3.9% discount.

Goldman Sachs gave the market a bit of a surprise last night with another partial sell-down of its stake in Industrial and Commercial Bank of China. But investors were quick to catch on and, despite being the second largest block in Hong Kong this year, the deal was fully covered in just half an hour.

The final demand allowed the deal to be upsized by just over 10% and saw Goldman reap a total of HK$17.46 billion $2.25 billion.

The deal, which accounted for 23% of Goldman’s remaining stake, was also priced at quite a tight discount of 3.9% versus the yesterday’s close of HK$5.97, even though the share price had gained...

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