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Vanke eyes partnership, debuts in Hong Kong
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CHINA Vanke Co is seeking a strategic partnership and is in talks with several investors, including funds and other property firms, it said yesterday.
Chairman Wang Shi made the statement in Hong Kong as the company’s 1.3 billion H shares debuted on the main board of the city’s stock exchange.
He did not elaborate.
China Vanke converted its B shares in Shenzhen to H shares and listed in Hong Kong by way of introduction without raising any new capital.
The stock opened yesterday at HK$13.66 (US$1.76) and closed at HK$13.28. That compared with the last trading price of HK$12.41 for its B shares on June 3.
The company’s yuan-denominated A shares, meanwhile, rose 0.5 percent yesterday to 8.13 yuan (US$1.30).
China Vanke is the third company to leave the languishing foreign-currency denominated B-share market — after China International Marine Containers and Livzon Pharmaceutical — in pursuit of better access to international capital.
“Moving to Hong Kong will help us attract strategic investors,” Wang said.
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