Singapore's sovereign wealth fund trimmed its holdings worth about HK$1 billion in Zijin Mining (HKG:2899, SHA:601899) despite its shares gaining value.
GIC offloaded 5.4 million shares for a total of HK$96.5 million on March 27 in its latest transaction. The fund has been trimming its stake for the first three months of the year, bringing down its interest to 5.99% from 7.02%, according to a Hong Kong bourse filing on Thursday.
The value of Zijin's shares rose more than 20% at the beginning of the year due to an increase in gold and copper prices, according to Yicai Global's report on Wednesday.
Insiders told the media outlet that GIC is likely repositioning its assets in the Chinese mining company, the report said.
Both Hong Kong and Shanghai shares of Zijin Mining fell about 3% in recent trade.
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