Citic Pacific rose 1% to reduce equity investment to enhance liquidity

Citic Pacific, which recently continued to divest its Non-core business, shares a small 1.02%-to 17.8-dollar deal this morning, closing 59,000 shares. According to the information provided by the SEHK, Citic Pacific, with a price of HK $0.99 per share on May 27, sold 12 million shares of Shanghai Real Estate (01207-HK) for HK $11.88 million, which has reduced its shareholding from 7.35% to 6.92%. The latest price of HK $1.12 in Shanghai is almost three times times the low of HK $0.375 so far this year in early March. The market is thus expected to further reduce its holdings, thereby repatriating more liquidity to key sectors and lifting the company out of its predicament as quickly as possible.