Vanke plunges as trading resumes
SHARES of China Vanke, the country’s largest home builder, plunged in Shenzhen as their trading resumed yesterday following more than six months of suspension.
The stock price tumbled by the daily limit of 10 percent to 21.99 yuan (US$3.30).
The real estate giant suspended trading in December as it got involved in a tussle over control of the company after the privately owned Baoneng Group quietly bought enough shares last year to become its largest holder.
Vanke Chairman Wang Shi openly opposed the acquisition, calling Baoneng “barbarians” and expressing concerns over its credit score. Baoneng insisted that it had always abided by the law and had a good reputation.
The turf war escalated last month, when Vanke unveiled a 45.6 billion yuan asset restructuring plan with Shenzhen Metro Group that would make the subway operator overtake Baoneng to become the biggest shareholder.
In response, Baoneng proposed ejecting Vanke’s senior management team, including Wang, who is also founder of the company. But the proposal was voted down by the board last Friday.
The restructuring plan was also opposed by Vanke’s original largest holder China Resources, a state-owned conglomerate, which is worried that the deal would dilute its shares.
- About Us
- |
- Terms of Use
- |
- RSS
- |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证:沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证:31120180004
- |
- 网络视听许可证:0909346
- |
- 广播电视节目制作许可证:沪字第354号
- |
- 增值电信业务经营许可证:沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.