BlackRock (NYSE:BLK), the world’s biggest asset manager, has sold almost all of its shares in China Telecom.
China Telecom is one of 44 companies subject to a new ban on U.S. investment, and Blackrock was forced by the new rules to sell its stake in the Chinese telecommunications company at a large discount, according to stock market filings.
BlackRock sold 818 million shares of China Telecom at an average of $1.92 Hong Kong dollars each, according to a stock exchange filing. That was 12% below the market price of China Telecom shares at the time.
BlackRock made a total of $1.6 billion Hong Kong dollars ($206 million U.S.) on the sale, which reduced BlackRock’s stake in China Telecom from 6.1% to 0.2%.
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