DESPITE a stiff fine for violating rules, a Shenzhen company has won a strong position with two seats on the board of a Shanghai-listed firm, six months after launching China's first stock market raid.
He Bin, general manager of China Baoan Group Shanghai Enterprise Corp, was appointed as chairman of Shanghai Yanzhong Industrial Co.
The other official appointed to Yanzhong's board was not named.
China Baoan Shanghai is a unit of Shenzhen Baoan Enterprise Co, which stunned the market last year by acquiring 16 per cent of Yanzhong's listed shares.
A Yanzhong spokesman said yesterday in Shanghai that Baoan was now the single largest shareholder of Yanzhong, with a 19.8 per cent stake.
Most of the remainder of Yanzhong's shares are in public hands.
