ASIAdocument.write(“” + m[today.getMonth()+1]+ ” “+ today.getDate()+”, ” + theYear + ” “);HOMECHINAWORLDBUSINESSLIFESTYLECULTURETRAVELSPORTSOPINIONREGIONALFORUMNEWSPAPERChina Daily PDFChina Daily E-paperChina Daily Global PDFChina Daily Global E-paperBusiness /CompaniesEconomyPolicy WatchChina DataCompaniesMarketsIndustriesViewMotoringTechGreen ChinaChina ExpoVanke A Shares slump by daily limit( 10:13Comments Print Mail Large Medium SmallWang Shi, chairman of China Vanke Co, at a World Water Day Forum in Guangzhou, capital of Guangdong province. [Photo provided to China Daily]The A shares of China Vanke Co Ltd, the countrys biggest residential property developer, fell by the daily limit to 21.99 yuan ($3.31) at opening on Monday, after a months-long trading suspension.
Vanke announced it would suspend trading of its A shares on December 18 last year after Shenzhen-based financial conglomerate Baoneng Groups stake aggregated to 24.29 per cent, making it the largest shareholder of the company.In announcing the trading halt, Vanke said it was planning to issue new shares for capital restructuring and assets acquisition, a move regarded as a way to resist Baonengs control over the company.
In the following week, Vanke managed to win support from insurer Anbang Insurance Group Co, which raised its stake in Vanke to 7.01 per cent.
On March 13 this year, Vanke announced it had signed a preliminary agreement with subway operator Shenzhen Metro Group to acquire up to 60 billion yuan of property assets atop its subway lines.On June 17, the company held a board meeting to vote on the plan to acquire a 100-percent equity interest in Qianhai International, held by Shenzhen Metro, by issuance of new shares, with the consideration preliminarily estimated at 45.61 billion yuan.
Vankes second-largest shareholder, China Resources Co Ltd, opposed the move as it would significantly dilute its shareholding.On June 26, Shenzhen Jushenghua Co Ltd and Foresea Life Insurance Co Ltd, units of Vankes largest shareholder Baoneng Group, requested to hold an extraordinary general meeting to oust all 12 of Vankes directors, including chairman Wang Shi.China Resources, on June 30, said it had a different opinion on the proposal to oust the property developers board and would restructure the board of directors and supervisors. It also responded to Shenzhen Stock Exchanges inquiry that it had not reached any agreement with Baoneng on voting.
Baoneng responded to the Shenzhen Stock Exchanges inquiry the same day that it put forward the ouster proposal to solve the problem of chaotic governance in the company, as well as give all shareholders an opportunity to nominate its directors and supervisors.
In a statement filed to the Shenzhen Stock Exchange on Saturday, Vanke said it would resume A-share trading on July 4 and that it planned to acquire an 100 per cent stake in the Shenzhen Metro Groups Qianhai International for 45.6 billion yuan, via a new share issue. Shenzhen Metro will account for 20.65 per cent of China Vankes total shares, according to the plan.
In the latest statement released on Monday, Vanke said its board held a meeting on July 1, which vetoed the proposal to hold an extraordinary general meeting to dismiss all its directors.0Related StoriesChina Vanke to resume trading after months-long power struggleVankes 2nd largest shareholder opposes plan to oust all directorsInsurers urged to improve information disclosureVanke board to meet on directors dismissal proposalChina Vanke says shareholders seek to oust chairman, 11 directorsPhotoWorlds top 10 smartest companiesMan beats machine in facial recognitionAngelababy and other celebrities jump into private equityTop 10 places with fast internet speedTop 8 hotels favored by young Chinese luxury travelersPaintings on paddy fields in Shenyang, NE ChinaChina Economy By NumbersChina Economy by Numbers – Dec China Economy by Numbers – Nov NewsmakerChinese buyers circle soccer super agent Stellar Group UK-born businessman heads revolution in Chinas canteensMost ViewedTodays Top NewsSpending on luxury goods slowsQuest for quality trumps taxes, pricesLenovo supports employee start-upsTwo wind power plants to be built in South PakistanState Council issues circular to boost private investmentMore lock-up shares eligible for tradeTextile, garment exports to Central Asia, Russia increase sharplyChinese-aided power plant project to help meet Pakistans energy needsHot TopicsFiat SpA Peugeot SA Taxi app Internet finance Housing price Disneyland WeChatEditors PicksTop 10 saving countries in the world Top 5 smart home applications attracting Chinese consumers Top 10 least affordable provincial-level regions in China Top 10 FDI sources for Chinese mainland in Jan-April Specials2016 Summer DavosWorld Robot Conference 2015Made in China – fight against counterfeit goods…| About China Daily | Advertise on Site | Contact Us | Job Offer | Expat Employment |Copyright 1995 -var oTime = new Date();
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