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China Vanke halts trading as shareholder mulls stake buy

China Vanke Co. Ltd. disclosed in a filing that it applied for a trading halt in the Hong Kong bourse after a substantial shareholder expressed interest in buying its shares.

The company said it received a notification June 6 from Shenzhen Metro Group Co. Ltd. to acquire the company's shares. Details of the planned stake buy have been kept under wraps pending certain approvals.

China Vanke said the trading halt, which is expected to take effect June 7, for its A shares was made in order to protect the interest of investors and prevent a possible fluctuation in the price of the shares.

Shenzhen Metro has a 33.35% stake in China Vanke as of March 16. The two first made news in mid-2016 when they struck a deal, seen as China Vanke's way of fending off a possible takeover bid by its then-biggest shareholder, Baoneng Group. However, the deal was terminated due to shareholders' disagreements, but China Resources Co. Ltd. decided earlier in 2017 to sell its entire stake in China Vanke to Shenzhen Metro.