Movement Alert｜China Tower Falls 3.02% in Regular Trading, Goldman Sachs Downgrades to Sell Amid Persistent Foreign Institutional Selling

Market Focus06-30

On June 30, China Tower declined 3.02% in regular trading, trading at HK$8.68/share, with turnover of approximately HK$45.41 million, extending its recent downtrend.

The decline comes after Goldman Sachs downgraded China Tower from Neutral to Sell on June 26, citing weak 5G base station deployment progress and higher value-added tax rates that are expected to pressure future growth. The bank noted that AI token package penetration remains slow to materialize. Additionally, China Tower was recently removed from the FTSE China 50 Index, triggering concentrated selling from passive funds tracking the benchmark.

Foreign institutional selling has intensified. BlackRock reduced its holdings by 26.07 million shares on June 23 at approximately HK$9.31 per share, totaling about HK$242 million. This followed a prior reduction of 4.5 million shares on June 2 at HK$9.99 per share. JPMorgan had also reduced its position by 15.04 million shares in April.

The broader telecom sector traded weaker, with China Unicom down 2.52%, PCCW down 1.65%, HKT down 0.93%, and China Telecom down 0.91%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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