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Property Giant Vanke to Exit B-share Market

2013-01-21 12:55:32Source:CRIENGLISH.comAuthor:

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.