June 29, 2010 (Chinavestor) Alliance Bernstein L.P. has been unloading Yanzhou Coal (HKG:1171) (NYSE:YZC) lately. We reported earlier when Alliance Bernstein L.P. has raised its shareholding in Yanzhou Coal Mining Co. ltd. (HKG:1171) (NYSE:YZC) to 7.02% from 6.98% on November 25, 2009. AllianceBernstein L.P. paid HK$15.274 for Yanzhou's H-shares then.But now the tide has been turning and the company has been shorting Yanzhou Coal H-shares(HKG:1171). According to a statement on the website of the Hong Kong Stock Exchange (HKEx), AllianceBernstein L.P. has sold 6,440,000 H-shares in Yanzhou Coal for HK$117.97 million ($14.769 million). The average price of the share transaction was HK$17.854 apiece.
Yanzhou Coal (NYSE:YZC), the third largest Chinese coal miner, announced that the board had a mandate to retire up to ten percent of registered capital, sending her shares in a tailspin. The Chinese government asked coal producers not to increase the price of coal, punishing China Shenhua (HKG:1088) and other major coal miners in China.
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