HONG KONG, June 23 (Reuters) - China Vanke Co Ltd said trading of its 1.31 billion H-shares in Hong Kong will commence on June 25, as the country’s biggest residential property developer aims to expand overseas and tap the offshore capital market.
China Vanke had said in May that it aims to list in Hong Kong in the second half of June. It announced in January last year it would move its foreign-currency B-shares to Hong Kong, becoming the third company to leave the mainland’s moribund B-share market in Shenzhen.
Upon completion of the listing, all Vanke's B-shares on issue will be converted into H-shares which will be listed in Hong Kong by way of introduction without raising any new capital, the company said in a filing to the Hong Kong bourse early on Monday. (bit.ly/1mccgJF)
CITIC Securities International is the sole sponsor of the listing.
Reporting by Donny Kwok; Editing by Stephen Coates