china property
Chinese regulators checking on China Vanke fight
Shenzhen Stock Exchange concerned by disclosure differences in Hong Kong
PUBLISHED : Sunday, 27 December, 2015, 6:34pm
UPDATED : Friday, 15 July, 2016, 10:32am
Related topics
Chinese regulators are checking the battle for control of developer China Vanke for any violations of disclosure requirements.
China Securities Regulatory Commission spokesman Zhang Xiaojun said on Friday it was “working closely with the China Banking Regulatory Commission and China Insurance Regulatory Commission to review the Vanke deal in a bid to maintain an open, fair and just market and to protect the interest of all shareholders”.
“The commission is highly concerned in the China Vanke deal about whether the listed company and the parties offering to take it over have fulfilled their disclosure duties,” Zhang said.
The takeover battle has heated up since December 4, when property and insurance conglomerate Baoneng, controlled by Yao Zhenhua, became Vanke’s biggest shareholder after its subsidiary Shenzhen Jushenghua and affiliate Foresea Life Insurance bought a combined 20 per cent stake in China’s biggest home builder, since increased to 24.26 per cent.
READ MORE: Battle over developer China Vanke takes dramatic turn as top insurer throws support behind beleaguered company management
Anbang Insurance Group, a significant shareholder of Vanke, on Thursday expressed its support for chairman Wang Shi and his management team to run Vanke and fend off Baoneng’s hostile takeover bid.
The support of Anbang took the percentage of shares backing Wang to about 30 per cent. Wang has rebuffed Baoneng’s interest in Vanke, citing differences in corporate culture.
The Shenzhen Stock Exchange sent a letter to China Vanke’s board of directors late on Thursday complaining about disclosure differences in Hong Kong and Shenzhen. The company is listed in both cities.
The Shenzhen bourse said Vanke had made four disclosures to the Hong Kong stock exchange about shareholding changes concerning Shenzhen-based Jushenghua and related companies in Vanke since December 7 and two disclosures about shareholding changes concerning Anbang since December 9.
“These shareholdings changes have not been informed or disclosed at the Shenzhen Stock Exchange,” the letter said. “ The disclosure differences between the stock exchange of Hong Kong and our exchange have misled media and investors.”
Vanke has suspended trading on both exchanges since December 18.
Most Popular
Viewed
- 1
![Mandarin Oriental put four-star hotel on the market in June last year as the site can produce a higher yield when used for commercial offices]( "Mandarin Oriental put four-star hotel on the market in June last year as the site can produce a higher yield when used for commercial offices")
- 2
![Home ownership is the most important channel of investment for urban households in China, and price cuts have become a cause for social unrest. Photo: Reuters]( "Home ownership is the most important channel of investment for urban households in China, and price cuts have become a cause for social unrest. Photo: Reuters")
- 3
![A recent wave of price discounting for both residential and commercial properties indicates a softening in sentiment]( "A recent wave of price discounting for both residential and commercial properties indicates a softening in sentiment")
- 4
![Occupancy rates of properties in Wan Chai and Causeway Bay will immediately surge by at least 6 per cent when the Excelsior closes in March, says Colliers]( "Occupancy rates of properties in Wan Chai and Causeway Bay will immediately surge by at least 6 per cent when the Excelsior closes in March, says Colliers")
- 5
![Mansfield Road plot expected to cost HK$40 billion despite weakening sentiment, rising interest rates]( "Mansfield Road plot expected to cost HK$40 billion despite weakening sentiment, rising interest rates")
Shared
- 1
![Mandarin Oriental put four-star hotel on the market in June last year as the site can produce a higher yield when used for commercial offices]( "Mandarin Oriental put four-star hotel on the market in June last year as the site can produce a higher yield when used for commercial offices")
- 2
![Home ownership is the most important channel of investment for urban households in China, and price cuts have become a cause for social unrest. Photo: Reuters]( "Home ownership is the most important channel of investment for urban households in China, and price cuts have become a cause for social unrest. Photo: Reuters")
- 3
![Mansfield Road plot expected to cost HK$40 billion despite weakening sentiment, rising interest rates]( "Mansfield Road plot expected to cost HK$40 billion despite weakening sentiment, rising interest rates")
- 4
![Occupancy rates of properties in Wan Chai and Causeway Bay will immediately surge by at least 6 per cent when the Excelsior closes in March, says Colliers]( "Occupancy rates of properties in Wan Chai and Causeway Bay will immediately surge by at least 6 per cent when the Excelsior closes in March, says Colliers")
- 5
![A recent wave of price discounting for both residential and commercial properties indicates a softening in sentiment]( "A recent wave of price discounting for both residential and commercial properties indicates a softening in sentiment")
Commented
You may also like
Jazz greats Ron Carter and Pablo Ziegler set for Hong Kong concerts
In partnership with: Leisure and Cultural Services Department
Omega set for another lunar landing in moon blockbuster First Man
Sponsored by Omega
Comments: