Goldman Sachs sells ICBC shares

Goldman Sachs held out a month longer than Allianz and American Express, but last night the US investment bank finally sold close to 20% of its shares in Industrial and Commercial Bank of China ICBC, raising HK$14.79 billion $1.9 billion.

Its decision not to sell these shares immediately after the lockup expired on April 28, as did Allianz and Amex, meant Goldman was able to fetch 26% more for its shares than its two investment partners, thanks to strong gains in ICBC's share price since then. The stock has risen 27% since the sell-down by Allianz and Amex and the 4.7% jump yesterday took it to HK$5.11 -- its highest...