Pictet Filing Mistakenly Showed $15 Billion Chinese Bank Bet

This content was published on October 8, 2024 - 06:23

1 minute

(Bloomberg) — A Hong Kong Exchange filing erroneously showed that Pictet Asset Management made a HK$121.2 billion ($15.6 billion) investment in China Construction Bank Corp.

The filing, issued late Monday in Hong Kong, indicated that Pictet had amassed a holding of 20 billion Hong Kong-listed shares in CCB, bought at an average price of HK$6.06.

A Pictet spokeswoman said the information is incorrect. “Pictet Asset Management does not hold this position. The Hong Kong Stock Exchange has been informed accordingly,” the spokeswoman said.

A fresh Hong Kong Exchange disclosure on Tuesday amended Pictet’s long position in CCB to 33.6 million shares, representing a 0.01% holding. It previously held 13.6 million shares. It said the new filing was made since the “quantity disclosed was not correct” and its positions were below the initial threshold.

Chinese shares have surged since late-September as a barrage of economic, financial and market-support measures reinvigorated investor confidence and prompted the likes of Goldman Sachs Group Inc. to upgrade the nation’s stocks to overweight.

A Hong Kong Exchanges & Clearing Ltd. spokesperson declined to comment on an individual company or filing.

–With assistance from Kiuyan Wong, Alfred Liu and Noele Illien.

(Adds details from new disclosure in fourth paragraph)