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JP Morgan takes profits from China Telecom sale

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sell_2 April 8, 2010 (Chinavestor) - U.S.-based financial holding company JPMorgan Chase & Co has decreased its shareholding in China Telecom Co. Ltd. (HKG:0728) (NYSE:CHA) to 5.94% from 6.01% on April 1, according to the bourse operator Hong Kong Exchanges and Clearing (HKEx) (HKG:0388).

HKEx said in a statement that JPMorgan Chase has sold 9.827 million H-shares in China Telecom (NYSE:CHA) for HK$38.30 million. The average price of the share transaction was HK$3.88 apiece.

Last month, shares of China Telecom (NYSE:CHA) outperformed larger China Mobile (NYSE:CHL) and China Unicom (NYSE:CHU). China Telecom (NYSE:CHA) reported the fastest mobile growth year-over-year in percentage terms and is expected to carve out a significant portion of the 3G smart phone pie as well. China telecom industry in 2009.

H-shares of China Telecom soared over 10% in March and a small profit taking in early April makes perfect sense.

 



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