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Plan to list B as H lifts Vanke shares

(Shanghai Daily)

16:16, January 22, 2013

CHINA Vanke Co, the country's leading property developer, saw its Hong Kong dollar-denominated B shares and yuan-denominated A shares surge by the 10 percent daily limit yesterday after saying it plans to move trading of its B shares to Hong Kong.

Vanke's B shares rose to a more than five-year high of HK$13.75 (US$1.77), while its A shares jumped 10 percent to close at 11.13 yuan (US$1.78) in Shenzhen trading, the highest in more than three years. Both classes of shares resumed trading after being suspended since December 26.

The developer plans to convert all its Shenzhen-listed B shares to Hong Kong-listed H shares pending approval from shareholders and the regulators, China's biggest publicly traded developer by market value said over the weekend in a filing to the Shenzhen Stock Exchange.

"The conversion will enable the Shenzhen-based developer to have direct access to a larger pool of global capital," said Sky Xue, an analyst with China Real Estate Information Corp. "Listing on the Hong Kong stock market, which is far more liquid than the B-share market, will also help Vanke further raise its international profile."

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