UBS Buys 900 Million Yuan of Chinese Shares, Morning Post Says

By Cathy Chan

Nov. 8 (Bloomberg) -- UBS Securities Co., one of China's first qualified foreign institutional investors, bought 900 million yuan ($132 million) of shares listed on China's stock exchange, the South China Morning Post reported, citing data from the Shanghai stock exchange.

The purchase, made through the off-market block trade system, is the latest sign that overseas investors are hunting for bargains on the stock exchange, the report said.

The Chinese securities unit of UBS AG first bought 300 million yuan on Nov. 6 and invested an additional 600 million yuan yesterday in 40 transactions on the block trading system, the Morning Post said, citing the stock exchange data. Ping An Insurance Group Co. of China and PetroChina Co. are among the stocks UBS purchased, the paper said.

To contact the reporter on this story: Cathy Chan in Hong Kong at kchan14@bloomberg.net.