Mar 15, 2023 03:17 AM

Three Bidders Fight for Minsheng Securities’ Shares in Auction

What’s new: The auction of 3.47 billion shares of Minsheng Securities Co. Ltd. held by troubled developer Oceanwide Holdings Co. Ltd. (000046.SZ) attracted three bidders, including two publicly traded brokerages, JD’s online auction platform showed.

The shares are being sold to pay debt by Oceanwide, which is being sued by creditors for default on a 2 billion yuan ($291 million) bridge loan in 2019.

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