China Knowledge reported that US based financial holding company JPMorgan Chase & Co recently reduced its shareholding in China CITIC Bank Corp, the listed banking unit of the nation's largest investment conglomerate, CITIC Group to 5.94% from the previous 6.11%.

Information from HKEx showed that JPMorgan on February 1 sold 20.96 million H shares of CITIC for over HKD 105 million. The average share price of the transaction was HKD 5.04 apiece.

According to an earlier report from China Knowledge the bank expected its net profit to grow more than 50%YoY due to an increase in net interest margin and effective cost control.

(Sourced from China Knowledge)