Holding 8.32% subscription rights of China Construction Bank? Pictet Asset Management clarifies: not held, known by HKEX
Pictet Asset Management of Switzerland clarifies that it does not hold a 8.32% subscription right in China Construction Bank, and the Hong Kong Stock Exchange is aware of this. On October 3rd, data from the Hong Kong Stock Exchange showed that Pictet Asset Management's holdings in China Construction Bank increased from 0.01% to 8.32%, involving approximately 20 billion shares. Pictet Asset Management stated that it did not directly purchase the underlying stocks, but holds stock derivatives with the right to purchase the relevant stocks. This news may drive up the stock price of China Construction Bank
According to the information obtained by Zhitong Finance APP, on October 3, Swiss Pictet Asset Management Hong Kong Limited increased its "good warehouse" ratio in China Construction Bank (00939) from 0.01% to 8.32%, involving approximately 20 billion shares. In the early morning of October 8, Pictet Asset Management Hong Kong contacted the Hong Kong Economic Journal to clarify that they did not hold the mentioned position, and the Hong Kong Stock Exchange was aware of this.
In fact, Pictet Asset Management Hong Kong did not directly purchase the underlying stocks from the secondary market as familiar to A-share investors. Instead, they became holders of China Construction Bank stock derivatives or issued stock derivative products, giving them the right to hold the relevant shares. The documents show that Pictet Asset Management Hong Kong first acquired reportable equity because it became a holder of equity derivative instruments with the right to purchase the relevant shares.
It is worth noting that based on their data, the increased 20 billion shares, calculated at an average price of HKD 6.06 per share, involves HKD 121.2 billion. The sudden declaration of warrants by Pictet Asset Management Hong Kong is equivalent to over 8% of CCB's shares. Currently, the relevant disclosure documents have been widely reported in mainland China, Hong Kong, and international markets, and this news may drive up CCB's stock price.
Pictet Asset Management is an institutional asset management and fund management company under the Pictet Group in Switzerland. As of June 30, 2023, Pictet Asset Management had assets under management of USD 260 billion. Its clients include financial institutions, pension funds, foundations, and financial advisors. Pictet Asset Management has 18 business development centers globally, including offices in Hong Kong, Shanghai, Taipei, Singapore, Tokyo, and Osaka in Asia