CPIC (02601) breaks below placing prc, 250MA, as Carlyle reduces holding, cashing in over 5.6B

AAFN - Top News

2012-07-23 10:09:55

Size

As Carlyle sold 221.4 million shares of CPIC (02601) at $25.5 apiece (representing discount of 5.2% against the closing price last Friday) on board today, involving over $5.6 billion, the stock gaped lower 7% today below the placing price, as well as 250MA, 20MA and 10MA ($25.2 to $25.8), seeing the low at $23.75, the low for nearly one month. It was last $24.8, down 7.8%, on volume rising to 230 million shares.

Other Mainland insurers were broadly dragged down by 4-5%.

Foreign news reported by quoting sale document that the U.S. private equity fund Carlyle, through Credit Suisse, sold another 220 million shares of the Company at $25.5-26 apiece, cashing in up to US$737 million. (r)

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