Asia Sentinel, 16 Jan 2009, Alice Poon
“Recently on the Hong Kong stock market, the shares of Bank of China and China Construction Bank were hammered by rounds of aggressive offloading by strategic foreign investors. At the same time, prices of almost all other listed Chinese bank shares plummeted as a result. Some people referred to this as a ‘Hong Kong stock market earthquake’ as the New Year began.
After the incident, in order to play down the gloominess of the matter, spokespeople from Chinese banks have explained that the reason was due to the financial quandary that the strategic foreign investors found themselves in, in face of the current global financial meltdown. But this is hardly a rational explanation.
Read More
