Shares in China Vanke jumped as much as 8.4 per cent in Hong Kong on Wednesday after the Chinese developer froze its mainland-listed shares and revealed its biggest shareholder was considering expanding its stake.
Shares had pulled back to be up 7.9 per cent at HK$21.85 by the lunch break.
They had jumped after Vanke said it had applied to freeze trading of its A-shares from Wednesday morning “to safeguard the interest of investors and prevent unusual fluctuation of share price of the Company” after learning Shenzhen Metro – which owns 17.4 per cent of the company’s Shenzhen-listed stock – was considering a potential acquisition of its shares.
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