Beijing Zhongchuang shares surge after proposed takeover by Chinese billionaire
HONG KONG (Reuters) - Shares in Beijing Zhongchuang Telecom Test Company Ltd (600485.SS) surged by the maximum 10 percent limit on Friday after a Chinese billionaire said he planned to buy a majority stake in the company to obtain a listing in Shanghai.
Beijing Xinwei Telecom Technology Company Ltd, controlled by Chinese billionaire Wang Jing, proposed buying a 96.5 percent stake in Beijing Zhongchuang, the company said in a filing to the Shanghai Stock Exchange late on Thursday.
The proposed purchase requires approval by the China Securities Regulatory Commission and shareholders of Beijing Zhongchuang, the statement said.
Shares of Beijing Zhongchuang jumped 10 percent to 9.30 yuan on Friday, outpacing a 0.2 percent gain for the benchmark Shanghai index.
Wang owns nearly 37 percent of Beijing Xinwei. He is also the only public face for a $40 billion project that on paper would challenge the Panama Canal's monopoly on transporting oil, ore and containers between Atlantic and Gulf of Mexico ports and Asian markets.
(Reporting By Yimou Lee; Editing by Miral Fahmy)
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