Grantham, Mayo, Van Otterloo & Co. LLC (GMO) recently reduced its stake in HK-listed China Machinery Engineering Corporation (CMEC). According to a filing submitted to the Hong Kong Stock Exchange on September 16th, 2017, the firm sold 329,000 shares on the exchange on September 14th at an average price of HKD 4.7258 per share (the total consideration was ~US$199k). As a result of the sale, GMO’s stake in CMEC decreased from 6.02% to 5.98% of the company’s shares outstanding.

CMEC is an international construction and engineering company, with a particular focus on the power & utilities sector. It is part of the China National Machinery Industry Corporation. The company was founded in 1978 and listed on the Hong Kong Stock Exchange in 2012.

GMO is a global investment management firm with expertise in managing multi-asset class strategies as well as focused strategies in a number of specific asset classes. The firm was founded in 1977 as a private partnership and currently manages ~US$77bn in assets (as of June 30, 2017).