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CSRC blasts Vanke over takeover fight
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CHINA’S market regulator yesterday condemned the management team and major shareholders of the country’s largest property developer over a hostile takeover that has battered the company’s share price.
Vanke’s management team and related shareholders have not taken “effective measures” to resolve their differences, but have “intensified conflicts” instead, China Securities Regulatory Commission spokesman Deng Ge said in a statement posted to the regulator’s microblog.
They “disregarded the stability of the capital market, disregarded the sustainable development of the firm, and disregarded the interests of all medium and small shareholders,” he said.
In December, Vanke’s founder, 65-year-old Wang Shi, had trading of the dual-listed firm suspended in both Shenzhen and Hong Kong, blocking private conglomerate Baoneng from buying its shares after it became Vanke’s largest shareholder with a stake above 24 percent.
Baoneng has tried to eject Wang and Vanke’s senior management, and Vanke has also tried to bring in state-owned subway operator Shenzhen Metro Group to overtake Baoneng as its biggest shareholder.
The battle has dented the firm’s value, with its share price down 28.8 percent in Shenzhen and nearly 30 percent in Hong Kong since December.
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