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Chinese court to auction 12% stake in Bank of Hainan

A Chinese municipal court will auction a 12% stake in Bank Of Hainan Co. Ltd. on an online auction platform between June 24 to June 25.

The court will auction 360 million shares in the bank, at a starting bid price of 536.4 million Chinese yuan, according to the Intermediate People's Court of Zhengzhou Municipality.

The holder of the shares was note disclosed on the auction page.

Chinese online news wire Lanjinger reported May 24 that the selling shareholder is CEFC Shanghai International Group Ltd., which counts among the three largest shareholders of Bank of Hainan.

As of May 24, US$1 was equivalent to 6.90 Chinese yuan.