- Evergrande Real Estate (3333.HK) has increased its stake in China Vanke (000002.SZ) to 6.82%, according to Sohu.
- The company has spent a total of RMB 14.6 billion on acquiring shares.
Why It Matters:
- Evergrande Real Estate has been aggressively acquiring shares in China Vanke from August 8 to August 15. Currently, Evergrande Real Estate has surpassed Anbang Insurance to become the third largest shareholder in China Vanke.
- Evergrande’s purchases have pushed China Vanke’s stock price higher. On August 15, China Vanke’s share price reached RMB 25.06 per share, a historical high.
- The control fight between China Vanke’s management team and its large shareholders and the associated investor speculation has attracted the attention of regulators The Shenzhen Stock Exchange has investigated transactions relating to China Vanke, and it will continue to monitor the situation.