Shares of Flat Glass Group, a leading Chinese glass manufacturer, plummeted 8.53% on September 9th, following news that BlackRock Inc., a prominent asset management firm, had significantly reduced its holdings in the company's H-shares.
According to a filing with the Hong Kong Stock Exchange, BlackRock's long position in Flat Glass Group's H-shares decreased from 7.75% to 3.98% as of September 3rd. The substantial reduction in stake by such a major institutional investor likely triggered a sell-off in the stock, leading to the sharp intraday decline.
The move by BlackRock, one of the world's largest asset managers, suggests a potential shift in sentiment towards Flat Glass Group's prospects. However, the specific reasons behind BlackRock's decision to trim its position remain unclear.
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