BlackRock is selling stakes in sanctioned Chinese mobile firms
Benjamin Robertson, Bloomberg News American flags fly at the entrance to BlackRock Inc. headquarters in New York, U.S, on on Thursday, July 9, 2020. BlackRock is scheduled to release earnings figures on July 17. , Bloomberg
BlackRock Inc. has been selling stakes in three Chinese telecommunication providers after the U.S. put them on its sanctions list.
The worldâs largest money manager reduced its holdings in China Mobile Ltd., China Telecom Corp. and China Unicom Hong Kong Ltd. in recent weeks and plans to keep selling, according to a person with knowledge of the matter. One of the biggest outside shareholders in the companies, BlackRock is responding to the executive order issued by President Donald Trump in November barring investments in companies deemed to be owned or controlled by Chinaâs military.
The New York Stock Exchange said it will delist three Chinese corporations to comply with a U.S. executive order that imposed restrictions on companies identified as affiliated with the Chinese military.
Mainland Cash Chasing Hong Kong Stocks After Record Year
Bloomberg 12/30/2020 John Cheng
(Bloomberg) In a year disrupted by a global pandemic, political upheaval and abrupt setbacks for some of Hong Kong’s biggest stocks, investors point to one constant as to why 2021 looks brighter: relentless levels of money coming in.
Mainland investors have bought a net HK$666 billion ($86 billion) of the city’s shares, easily the most since both of Hong Kong’s trading links with onshore exchanges began operating in 2016. At more than $51 billion, the amount of capital raised from Hong Kong initial public offerings and secondary listings is the most in a decade, as the city positions itself to be the preferred venue for big Chinese firms. The inflows have been so strong that Hong Kong’s de-facto central bank had to repeatedly step in to weaken the local currency.