Property Giant Vanke to Exit B-share Market
China Vanke, the country's largest property developer by revenue, is planning to move trading of its foreign currency shares to Hong Kong from Shenzen.
Vanke plans to convert its B-shares, or mainland shares priced in foreign currencies, by re-listing them in Hong Kong.
To protect shareholders' rights and interests, Vanke will arrange third-parties to provide cash options for all shareholders during the conversion from B- to H-shares.
China's B-share market has seen a slate of companies delisted or trying to delist recently and joining the H-share market in Hong Kong.
China International Marine Containers (CIMC) delisted its B-shares in late November.
Another company, Shanghai Diesel Engine Company, the mother company of Shanghai Automotive Industry Corporation also floated a plan for share-holders to buy back a quarter of its B-shares.
The move is seen by many analysts as a prelude to a reform of the B-share market at the Shanghai Stock Exchange.