Shares of China Construction Bank (CCB) fell nearly 6% in Hong Kong trading on Tuesday, caught up in broader market volatility and an erroneous filing that overstated a major investor's stake in the bank.
On October 4th, Pictet Asset Management Hong Kong filed a disclosure with the Hong Kong Stock Exchange stating it had increased its holdings in CCB to over 20 billion shares, representing an 8.32% stake. However, Pictet later issued an amended filing on Tuesday, correcting its stake in CCB to just 33.5 million shares, or around 0.01%.
The initial filing appears to have been a "fat-finger" error, where the share count was incorrectly entered. While such errors can sometimes cause significant market moves, CCB's share price does not seem to have been significantly impacted by the erroneous disclosure. Instead, the bank's stock was likely caught up in the broader market selloff, with the Hang Seng Index falling the most since 2008 amid concerns over China's economic outlook.
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