The Pacific Securities (601099.SH) filed that shareholder China Foreign Economy and Trade Trust (FOTIC) cut its holdings by 15.75 million shares between July 27 and August 1, a 1.048-percent reduction, reports yicai.com. That leaves FOTIC with 134.6 million shares or an 8.95-percent stake in the Kunming-based financial firm.

Shares of Pacific Securities suffered from a sluggish market and relatively lower earnings among its peers. Its share price dropped 4.2 percent cumulatively in July and hit a new all-time low of 8.59 yuan yesterday.

The Pacific Securities was founded in 2004 and provides securities brokerage, underwriting, and investment services. Its activities include leads, co-leads, IPO underwriting, rationed shares, convertible bonds, funds, and bonds.