July 10, 2020 / 1:32 AM / a month ago

China state funds to reduce holdings in PICC and some tech companies

SHANGHAI, July 10 (Reuters) - People’s Insurance Co (Group) of China (PICC) and some other China-listed companies said on Friday that their major state shareholders plan to reduce holdings.

Discloure of the share reduction plans come amid a torrid bull run in China’s stock market that has fuelled bubble concerns.

PICC said in an exchange filing that its second-biggest shareholder, China’s National Council for Social Security Fund, plans to sell up to 884.48 million China-listed A-shares, or up to 2% of the company, over the next six months due to “the need for asset allocation and investment.”

The planned stake reduction is worth up to $1 billion based on its latest market price. ($1 = 6.9923 Chinese yuan) (Reporting by Samuel Shen and Emily Chow; Editing by Edwina Gibbs)

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