Haixia divests Haitong stake at big loss

State-owned fund loses $329.52 million after offloading its entire stake in Haitong Securities.
Treasure amid the ruins?
Treasure amid the ruins?

State-owned investment fund Haixia Capital sold its entire stake in Haitong Securities after Tuesday's close, booking a loss of $329.52 million.

Many will be wondering why the group decided to sell the shares at a time when the Chinese stock markets continue to melt down, Greece edges towards a Eurozone exit and on a day when Haitong itself fell 13.23%. 

Does Haixia think the stock price of China's second largest brokerage has much further to fall Or was it more a case of needing the money to cover other positions

Either way, the group failed to re-coup its original investment after selling 569.427...

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