Vanke may start B-to-H share conversion

Trading in shares of China Vanke Co Ltd, the country's largest property developer by market value, was suspended on Wednesday in response to a possible plan to move its shares in the B-market to the H-market, sources said.

The Shenzhen-listed company announced on Tuesday night that a planned event was prompting it to suspend trade in both its A shares and B shares starting on Wednesday in order to protect investors' interests from share price fluctuations.

The event is the company's plan to convert its B shares into H shares, the Shanghai-based newspaper Oriental Morning Post cited unnamed source as saying on Wednesday.

B shares are renminbi-denominated special shares that are traded in foreign currency on the Shanghai and Shenzhen markets and are open to both domestic investors and outbound investors, according to the China Securities Regulatory Commission's website.

Vanke declined to comment on the market speculation, but Tan Huajie, board secretary of Vanke, did not rule out in previous interviews the possibility that the company would convert its B shares into H shares.

The Shenzhen-listed China International Marine Containers (Group) Co Ltd recently became the first domestically listed company to complete a conversion of its B shares into H shares. Vanke is now widely believed to be the second that will do so as it tries to expand its financing channels amid a lack of trading in the B-share market.

wang_ying@chinadaily.com.cn

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