Selling Right Before A Mega-Crash – Goldman Sachs Always Get It Right
Investmentwatchblog.com
May 20th, 2013
Goldman Is Selling The Last Of Its Stake In A Chinese Bank, And Communist Officials Are Probably Pretty Annoyed
Goldman Sachs bought a stake in the Industrial and Commercial Bank of China before it was cool — before it had the 2nd largest IPO in the history of the world in 2006, and before it was the largest bank in the world by market cap.
Initially, Goldman owned 4.9% of the bank, whose stock is up 22% over the year. The stock’s up 57.95% since its listing on exchanges in Shanghai and Hong Kong. And adding to that good news, last month, despite signs of a slowdown throughout China, ICBC reported a 12% increase in Q1 profit, according to Bloomberg.
But not even love like that lasts forever. Goldman has been unwinding its position in this stock for years, and today the Wall Street Journal reported that the affair is officially over. Goldman could raise $9.7 billion selling its remaining ICBC shares.
Read more: http://www.businessinsider.com/goldman-dumps-industrial-bank-of-china-2013-5#ixzz2TsGhlBVa
The Rest…HERE
