New | Major shareholders of Hong Kong listed mainland companies vow not to sell investment
Several Hong Kong-listed mainland Chinese companies pledged not to sell off their A share stock investments and their majority shareholders will not sell off shares but consider increasing their stakes in the listed companies.
A rout in mainland equities has dragged Shanghai and Shenzhen indices and the Hong Kong market to their lowest in almost four months, abruptly ending a rally that has lifted markets here to 7-year highs in mid-June.
The People’s Insurance Company (Group) of China said it had been notified by its controlling shareholder, the Ministry of Finance (the “MOF”), that it would not reduce its shareholding in the company during abnormal fluctuations in the stock market.
The insurer said it would not reduce its shareholding in PICC Property and Casualty Company.
China Cinda Asset Management said it had been notified by its controlling shareholder, the MOF, that it would not reduce its shareholding in the company during abnormal fluctuations in the stock market.
China Cinda has decided that it would increase its shareholding at an appropriate time in accordance with market conditions, according to filings to the Hong Kong Stock Exchange on Thursday.
China Shipping Container Lines (CSCL) said the controlling shareholder of the company, China Shipping (Group) undertook not to decrease its shareholding in its listed subsidiaries. China Shipping is considering increasing its shareholding in CSCL.
ShenjiGroup Kunming Machine Tool said the company received the plan of increasing its shareholding in the company by the second largest shareholder –Yunnan Industrial Investment Holding .
China Vanke, the largest home builder in China, said its director and executive vice-president, Wang Wenjin, would acquire additional shares for about 420,000 yuan. He would not reduce his shareholding in the company within six months.
