Shares of China Hongqiao Group Ltd. suffered a sharp decline of 5.85% on Thursday, as major shareholder Citic Ltd. reported a substantial reduction in its long position in the aluminum producer.
According to a filing with the Hong Kong stock exchange, Citic's long position in China Hongqiao decreased to 5.97% as of September 30, down from 7.92% previously. The move signals that Citic, a diversified conglomerate, has trimmed its ownership stake in the company.
The sell-off by a major shareholder spooked investors, who often interpret such actions as a lack of confidence in the company's prospects. While the specific reasons behind Citic's position adjustment were not disclosed, the news fueled concerns and contributed to the sharp drop in China Hongqiao's share price.
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