China Vanke to resume trading
Updated: 2016-07-03 09:10
(Xinhua)
|
|||||||||
View of the headquarters of China Vanke Co Ltd in Shenzhen city, South China's Guangdong province. [Photo/IC] |
BEIJING-- China Vanke Co., Ltd. said it will resume its A-share trading on July 4, according to a statement on the Shenzhen Stock Exchange on Saturday.
The real estate giant said it plans to acquire a subsidiary company of Shenzhen Metro Group for 45.6 billion yuan ($6.9 billion dollars) via a new share issue, making the subway operator its largest shareholder.
Shenzhen Metro will account for 20.65 percent of China Vanke's total shares, according to the plan.
The property company unexpectedly suspended trading in December 2015, saying that it was planning to issue new shares for capital restructuring and assets acquisition.
The trading halt came after Vanke's chairman Wang Shi openly opposed the Baoneng Group's acquisition of shares that would make Baoneng the biggest shareholder of Vanke. Baoneng Group is a Shenzhen-based conglomerate with real estate and finance businesses.
"Our management does not welcome Baoneng as our biggest shareholder," said Wang at an internal meeting in December last year. "The reason is simple, it just doesn't have enough credit."
In response, Baoneng said in a statement following Wang's remarks that the group had always abided by the law and had a good reputation in the market.
Related Stories
Vanke's 2nd largest shareholder opposes plan to oust all directors 2016-07-01 07:21
Vanke board to meet on directors' dismissal proposal 2016-06-28 07:50
Vanke's shares plunge in HK on reported move to oust chairman 2016-06-27 13:42
China Vanke says shareholders seek to oust chairman, 11 directors 2016-06-27 09:53
Today's Top News
China-UK ties to remain strong despite Brexit: envoy
Gove denies treachery as he pitches to be next PM
Theresa May among British PM hopefuls
Boris Johnson quits party leadership contest
UK parties head for leadership battles
Terrorist attack in Turkey reinforces need for unity
New British PM to be in place by Sept 9
Labour's Jeremy Corbyn loeses no-confidence vote
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
Hollywood snaps up rock star's dog film |
Chinese people welcome dispossessed |
The can-do generation to the fore |
Riding the wave |
Leisure giants buoy cruise market |
She followed her heart |