(Yicai Global) Dec. 28 -- As the end of the year is approaching, a number of Chinese A-share listed companies have chosen to sell massive bank stocks to enhance their annual financial statement results. Some 13 listed companies substantially reduced the stocks of seven banks in their portfolios since October, data show.

They have cumulatively sold a total of 140 million stocks of the seven banks in 32 stock exchange transactions since October, with a cumulative market capitalization of CNY1.59 billion (USD243.3 million). The companies regularly offloaded bank stocks over the past two years, show data from STCN, a stock market-focused news agency.

The investment group Jiangsu Wuzhong Industrial Co. [SHA: 600200] sold 10 million stocks of Bank of Jiangsu [SHA: 600919] on Dec. 26, it said, with a net profit of CNY49.93 million, accounting for 69 percent of the company's net profits last year.

A private fund also considerably reduced bank stocks in its portfolio, said its unidentified executive. On the other hand, the improvement in the quality of bank assets has raised their stock prices, which is another reason why some listed companies opted for mass stock reduction to cash in on it.