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CICC's largest shareholder trims stake

China International Capital Corp. Ltd. shareholder Central Huijin Investment Ltd. completed the transfer of some of its shares in the company to an indirect subsidiary of Haier Group Corp.

Central Huijin Investment on March 11 transferred 398,500,000 China-listed shares in CICC, representing a stake of about 9.5%, to Haier Group (Qingdao) Financial Holdings Ltd. CICC previously said the appraised value of the transferred shares is 5.05 billion Chinese yuan and the quoted price is 5.41 billion yuan.

The disposal will help diversify the portfolio of investors of the company and further optimize its shareholding structure.

Central Huijin Investment holds approximately 46.2% of CICC's total share capital following the transaction.

As of March 12, US$1 was equivalent to 6.71 Chinese yuan.