Shares of Li Ning Co. Ltd, the leading Chinese sportswear company, plummeted by 5.6% on Tuesday, amid news that BlackRock, the world's largest asset manager, had reduced its holding in the firm.
According to a filing with the Hong Kong Stock Exchange, BlackRock's long position in Li Ning decreased from 5.89% to 4.13% as of October 17. The move by the investment giant to trim its stake in the sportswear maker likely contributed to the sell-off in Li Ning's shares.
Institutional investors like BlackRock play a significant role in shaping market sentiment and driving stock prices. A reduction in their holdings can often trigger a broader selloff, as other investors follow suit. Li Ning, which has been grappling with intense competition from international brands and domestic rivals, may have fallen victim to this phenomenon.
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