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Vanke shares surge 10% limit
By Cherry Cao |
January 21, 2013, Monday
|
Online Edition
Online Edition
CHINA Vanke Co, the country's leading home builder, saw both its Hong Kong dollar- denominated B shares and yuan-denominated A shares surge the 10 percent daily limit today after announcing a plan to move trading of its B shares to Hong Kong to reach more investors.
Vanke's B shares rose to HK$13.75 (US$1.77), a more than five-year high, while its A shares also jumped 10 percent to close at 11.13 yuan (US$1.78) in Shenzhen trading, the highest in more than three years. Both classes of shares resumed trading after a halt since December 26.
China's biggest publicly traded developer by market value said over the weekend in a filing to the Shenzhen stock exchange that it plans to convert all of its Shenzhen-listed B shares to Hong Kong-listed H shares pending approval from shareholders and the China Securities Regulatory Commission.
"The conversion will enable the Shenzhen-based developer to have direct access to a larger pool of global capital," said Sky Xue, an analyst with China Real Estate Information Corp. "The Hong Kong stock market, which is far more liquid than the B share market, will also help Vanke further raise its international profile."
Vanke, which is eager to expand overseas, remained the country's largest builder after selling 145.2 billion yuan worth of properties last year, the China Index Academy, a major real estate research body, said earlier this month in its latest report.
Vanke's B shares rose to HK$13.75 (US$1.77), a more than five-year high, while its A shares also jumped 10 percent to close at 11.13 yuan (US$1.78) in Shenzhen trading, the highest in more than three years. Both classes of shares resumed trading after a halt since December 26.
China's biggest publicly traded developer by market value said over the weekend in a filing to the Shenzhen stock exchange that it plans to convert all of its Shenzhen-listed B shares to Hong Kong-listed H shares pending approval from shareholders and the China Securities Regulatory Commission.
"The conversion will enable the Shenzhen-based developer to have direct access to a larger pool of global capital," said Sky Xue, an analyst with China Real Estate Information Corp. "The Hong Kong stock market, which is far more liquid than the B share market, will also help Vanke further raise its international profile."
Vanke, which is eager to expand overseas, remained the country's largest builder after selling 145.2 billion yuan worth of properties last year, the China Index Academy, a major real estate research body, said earlier this month in its latest report.
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