Sell-down theme continues in small sizes

Long-term investors continue to take advantage of the rebound in equity markets over the past month to secure profits, with two more blocks completed yesterday. Private equity fund HQ Asia-Pacific sold its 13.9% stake in Korea's Hyunjin Materials in a deal that raised about $55 million after being priced at the top. And a pre-IPO investor in Chinese real estate agent E-House China Holdings reaped $26 million by selling part of its stake in the US-listed counter.

While sizes are still small in absolute terms, some of the recent divestments have been quite significant either as a portion of the company as in the case of Hyunjin or in terms of trading volumes...