Five funds that bought shares in Chinese companies during the 2015 market crash to prop up stock prices have moved to sell their multibillion-dollar holdings, according to a report.
Analytics firm Z-Ben Advisors said five funds “created to assist” to support Chinese stocks have disclosed redemptions amounting to $28bn in the first quarter of the year, representing the bulk of their assets under management.
The sales come just as stocks traded on mainland stock exchanges, called A-shares, are to be included in MSCI’s flagship Emerging Markets index at the start of June for the first time, fuelling international demand for the securities.
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