Caixin
Jan 13, 2021 12:44 PM
FINANCE

Vanguard Sells Off Stakes in U.S.-Sanctioned Chinese Firms

Buildings light up the Shanghai skyline in the Lujiazui financial district. Photo: Bloomberg
Buildings light up the Shanghai skyline in the Lujiazui financial district. Photo: Bloomberg

(Bloomberg) — Vanguard Group said it has liquidated its holdings of U.S.-sanctioned Chinese companies.

The investment adviser sold its stakes of the affected firms as of Jan. 8, complying with a November executive order from U.S. President Donald Trump, the company said Tuesday in an emailed statement.

“Vanguard is continuing to monitor the situation to ensure ongoing compliance with the executive order as additional securities are identified for sanction,” Vanguard said.

BlackRock Inc., the world’s biggest asset manager, reduced its holdings in China Mobile Ltd., China Telecom Corp. and China Unicom Hong Kong Ltd. in recent weeks and plans to keep selling, Bloomberg reported Monday.

Contact editor Yang Ge (geyang@caixin.com)

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