Goldman Sachs Group Inc. sold $10.5 billion worth of stocks in block trades on Friday, according to Bloomberg. The sale is part of an extraordinary spree that erased $35 billion from the values of bellwether stocks ranging from Chinese technology giants to U.S media conglomerates.
Goldman sold $6.6 billion worth of shares of Baidu Inc., Tencent Music Entertainment Group, and Vipshop Holdings Ltd before the U.S market opening.
Another $3.9 billion of shares in ViacomCBS Inc., Farfetch Ltd., iQiyi Inc., and GSX Techedu Inc. were sold, with more of the unregistered stock offerings said to be managed by Morgan Stanley.
The stock sales triggered price swings for every stock involved in the high-volume transactions, with companies such as Alibaba and NetEase Inc. trading lower.
Chinese stocks have been under pressure after a warning from the U.S regulator over ejection from exchanges.Stocks affected by recent sell-offs are currently declining. BIDU: NASDAQ is down 1.74% on premarket, 0700: HKG is down 2.18%, VIPS: NYSE is down 2.38%, BABA: NYSE is down 0.11% on premarket.
