Photo: AFP/Greg Baker

Chinese investment group Fosun International sold most of its shares in China Minsheng Bank, moving closer to a complete exit of its investment in China’s largest private lender, Caixin reported.

Fosun sold 643 million Hong Kong listed shares of Minsheng on Wednesday with an indicated range between HK$7.28 to HK$7.38 (93.2 to 94.5 US cents).

According to the Hong Kong Stock Exchange, Fosun held 809 million in Minsheng H shares as of Wednesday. The offering accounts for nearly 80% of Fosun’s total holdings in Minsheng.

Minsheng H shares dropped by 2.9% to HK$7.48 on Thursday after the news broke, the report said.

Fosun has been looking at divesting its Minsheng stake since 2016 after an ownership reshuffle triggered by the entry of Anbang Insurance Group, an insider source told Caixin. The plan was delayed due to pricing.

Minsheng declined to comment, while Fosun said that its sale of Minsheng stock was “normal secondary market trading,” the report said.