Allianz and Amex sell half their ICBC shares

April 28 was without doubt the most watched lockup expiry in the Hong Kong market so far this year and as it was drawing closer, the prospect of a large sell-down once again had a downward impact on Industrial and Commercial Bank of China's share price. As it were, investors didn't have to wait long. Only eight hours or so after the strategic pre-IPO investors became allowed to sell part of their holdings, it emerged that Goldman Sachs had placed approximately 3.96 billion ICBC shares on behalf of Allianz and American Express, enabling them to raise a combined HK$14.88 billion $1.92 billion.

Goldman Sachs itself, which became allowed to sell 20% of its...