BRIEF: Invesco sells down Jiumaojiu stake as foreign exodus advances
Invesco sold down its holdings in Jiumaojiu International Holdings Ltd. (9922.HK), becoming the latest global fund manager to pare its stake in the operator of several popular restaurant chains. The share sale, which occurred last Friday, dropped Invesco’s stake in Jiumaojiu to 5.73% from a previous 6.13%, according to a Tuesday stock market disclosure.
Other major institutional investors to sell down their Jiumaojiu stakes over the last two months include JPMorgan Chase and The Capital Group Companies. But BlackRock has gone against that tide, building up a 6% stake in the company over that period. As the shifting has occurred, Jiumaojiu’s shares have lost more than 50% of their value over the last three months.
Last week, Jiumaojiu reported its revenue rose 6.4% year-on-year in the first half of this year to 3.06 billion yuan ($430 million), as it boosted its store count by 24% over that period to 771 at the end of June. But its first-half profit fell by two-thirds to 72 million yuan, as average spending per customer dropped by 5% or more at its three main restaurant chains.
Reporting by Doug Young
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