Shares in China Vanke Co rose by their daily limit Monday after the country's leading property developer said it will convert its B shares on the Shenzhen Stock Exchange into Hong Kong H shares, coming off a trading halt of around 20 days.
"Chinese mainland investors could sell, but not buy, shares of Vanke if the B shares transfer to Hong Kong," Tan Huajie, board secretary of Vanke, said at a press conference Monday.
Over 95 percent of Vanke's B-share holders are overseas investors, so the transfer will have little impact on their trading, according to Tan.
Vanke's B-share investors will have two options: to transfer their shares to H shares or to cash out, the company announced Friday.
Tan explained that if more than one-third of the B-share investors choose the cash option, the company will suspend the Hong Kong transfer plan and relist its B shares on the mainland market.
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