China Knowledge reported that US based financial holding company JPMorgan Chase & Co on June 23 cut its shareholding in Angang Steel Company Ltd to 9.81%.

According to information released by the Hong Kong Stock Exchange, JPMorgan sold 0.63% or 6.89 million H shares of Angang Steel for HKD 85.12 million or HKD 12.35 apiece on average.

On Jun. 22, JPMorgan purchased 10.2 million shares in Angang Steel at an average price of HKD 12.45. JPMorgan sold 9.81 million shares of Angang Steel for HKD 13.04 apiece on June 17.

On Jun. 4, JPMorgan cut its shareholding in Angang Steel Co Ltd to 14.35% from the previous 15.83%, selling 16.02 million H-shares in the company for HKD 223.36 million in total or HKD 13.94 per share, China Knowledge reported earlier.

At the end of last month, Angang Steel predicted that its losses for the first half of this year will be CNY 2.99 billion at most.

(Sourced from Chinaknowledge.com)