The move comes as U.S. investors scramble to exit stocks subject to the sanctions, which ban Americans from owning companies deemed to have links with China’s military.
The filing gave no reason for the HK$1.6 billion sale, which reduced BlackRock’s stake in China Telecom from 6.1% to 0.2%, and BlackRock had no immediate comment. The Trump administration expanded the investment ban, to an extra nine firms on Wednesday, and investors expect more liquidations to come from big U.S. funds before the rules take effect in November 2021.
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