China Insiders Sell Most Shares in May in 4 Years, UBS Says
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Major shareholders, senior management and individuals with stakes of more than 5 percent sold a net 24.7 billion yuan ($4 billion) of Chinese A shares in May, the most for a month since June 2009, UBS AG said.
The biggest sales were in computer-related shares, media and “special equipment” sectors, UBS strategists including Qin Xia wrote in a report dated today. Net stakes rose only in chemical raw materials and telecom operations, while the sell-off in smaller companies as a percentage of the free-float reached new post-2008 highs, they wrote.