Hong Kong tycoon Li Ka-shing’s foundation has recently reduced its stake in the Postal Savings Bank of China, cashing out HK$122 million (about $15.6 million).
Market observers speculate that Li Ka Shing Foundation’s sale of its shares on May 11 is a sign that Li is pessimistic about the long-term outlook of China’s economy, as his every move in the financial sector is considered a barometer for the investment community.
The Post Savings Bank of China told media outlets that it had always maintained a good relationship with the foundation, which does not interfere with the operation and development of the bank. The foundation claimed that its share reduction was a routine financial arrangement….