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7 months ago
China Vanke shares set to jump as Shenzhen Metro becomes No. 2 shareholder
January 13, 2017 / 1:36 AM / 7 months ago

China Vanke shares set to jump as Shenzhen Metro becomes No. 2 shareholder

HONG KONG, Jan 13 (Reuters) - Hong Kong shares of China Vanke, which is at the centre of a high-profile power tussle, were set to jump 8 percent on Friday after its No. 2 shareholder said it planned to sell its stake to Shenzhen Metro Group, a Vanke ally.

Vanke's shares were suspended from trade in both Hong Kong and Shenzhen on Thursday ahead of the announcement.

China Vanke said China Resources would not own any of the company's shares on completion of the sale of its 1.69 billion A-shares to Shenzhen Metro for $5.4 billion.

Vanke's third largest shareholder China Evergrande Group , which quickly built up its stake late last year, was set to open up 0.6 percent.

Reporting by Donny Kwok and Clare Jim; Editing by Anne Marie Roantree and Edwina Gibbs

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