China property

China Vanke’s Hong Kong shares to resume trade on Wednesday

PUBLISHED : Tuesday, 05 January, 2016, 11:17pm
UPDATED : Friday, 15 July, 2016, 10:32am

China Vanke’s shares will resume trading in Hong Kong on Wednesday, the company said in a filing late Tuesday to the Hong Kong stock exchange, adding that it had consulted with the relevant regulatory authorities in Hong Kong and the mainland.

Vanke said its Shenzhen-listed shares will remain suspended from trade pending possible material asset restructuring.

China’s largest home builder, Vanke requested a suspension of trading in its Hong Kong and Shenzhen shares on December 18 amid a suspected hostile takeover by its largest shareholder Baoneng Group, saying it planned to restructure its assets.

Vanke said it plans to disclose its asset restructuring details on or before January 18.

Last week Vanke said it intended to acquire a company via a share and cash deal which might include the issue of new A shares or H shares. It said it had signed a letter of intent on December 25 and was actively pursuing the arrangement, although it did not identify the company involved.

Vanke at the time also said it was also discussing a potential tie up with other vendors.

Vanke’s Hong Kong-listed shares have risen 19.6 per cent in the past year, closing at HK$22.9 on its final day of trade before the December trading suspension.