Shenzhen Bourse Queries Vanke's Hostile Suitors

(Shenzhen) – The Shenzhen Stock Exchange has sought clarification of reports that the top two shareholders of China Vanke Co. are working together to keep a hostile bid for the nation's top homebuilder alive, in their effort to thwart a white knight rescue in one of China's largest and most hotly contested takeover battles of all time.

The Shenzhen bourse referred to recent media reports in separate June 27 letters to a subsidiary of Baoneng Group, a Shenzhen-based real estate developer that is indirectly Vanke's largest shareholder and behind a hostile takeover bid; and China Resources (Holdings) Co., Vanke's second largest stakeholder.