Bank of Hangzhou (600926.SH) announced that from August 27 to November 25, PICC (601628.SH) reduced its shareholding by a total of 59.3028 million shares through centralized bidding, at a price ranging from 11.84 RMB to 14.42 RMB, accounting for 1% of the total common stock of the company, with a total reduction of nearly 0.77 billion RMB. After the reduction, PICC holds 50.7894 million shares of Bank of Hangzhou, accounting for 0.85% of the total shares outstanding.

It is reported that this shareholding reduction is the third time that PICC has reduced its shareholding in Bank of Hangzhou, its cooperation partner for 15 years since 2021, with a total cash amount of 3.042 billion RMB, and an investment net return rate exceeding 160%.