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.
