The Carlyle Group on Friday sold another HK$13.9 billion $1.79 billion worth of H-shares in China Pacific Insurance Group Co CPIC, making the most of the fact that the share price had been on the rise since it raised $864 million on December 29. While another deal had been widely rumoured, the timing still took the market by surprise, coming as it did on a Friday before the monthly US non-farm payroll data release, which remains one of the most important gauges for the US economy.
Still, given the size of the transaction, banks were keen to get a piece of the action and didn’t hesitate to bid aggressively for the trade when...
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