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China Vanke buildings are seen in Hong Kong. China’s largest property developer is set to list on the Hong Kong Stock Exchange next week.
Dow Jones/Hong Kong
China Vanke Co, China’s largest property developer by revenue, is set to list on the Hong Kong Stock Exchange next week, becoming the third Chinese company to successfully transfer its listing from mainland China to the more active Hong Kong stock market.
Shenzhen-listed Vanke will be listed in Hong Kong on Wednesday “by introduction,” – meaning it won’t issue new shares or raise new funds, people with direct knowledge of the deal said yesterday.
The company first announced plans to convert its China-listed B shares in January 2013, as part of its expansion plans offshore. It had planned to list in Hong Kong yesterday, but pushed that back as it continues to wait for the Hong Kong regulator’s approval on a date, the people said. Hong Kong’s stock exchange approved Vanke’s listing plan late last month.
When it lists, Vanke will be the third Chinese company to shift its listing from the thinly traded B-share market, which is denominated in Hong Kong dollars in Shenzhen and US dollars in Shanghai.
Foreign investors buying into Chinese stocks have tended to prefer trading in either China-listed A-shares, which are denominated in yuan, through quotas given to them, or through Hong Kong-listed H shares. Most major Chinese companies have either an H-share or an A-share presence, or both.
China International Marine Containers was the first company to successfully convert its Shenzhen-listed B-shares into H-shares in December 2012, followed by Livzon Pharmaceutical Group in January. CIMC’s Hong Kong-listed shares have soared over 50% since their debut in Hong Kong, while Livzon Pharmaceutical’s stock has jumped 17% since listing.
Vanke said yesterday it had been given the green light from Hong Kong Stock Exchange to list in late May. Its B-share listing and stock code are removed yesterday from the Shenzhen stock exchange.
Vanke’s market capitalisation on the B-share market was HK$114bn (US$14.7bn) before it was suspended from trading on June 4. The share conversion could enhance Vanke’s name globally and help the company tap a bigger pool of investors for future capital-raising efforts, the company said earlier.
Vanke, which has a presence in more than 60 Chinese cities, said last month it doesn’t have capital-raising plans.
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