Following its acquisition of 14.02% of
Yantai Hualian Development Group from Shenzhen Changxin in July of this year,
the Yuancheng Group is seeking to buy another 15.77% share of the company, China Business News reports. Following
this purchase, Yuancheng will become the largest shareholder in Hualian, with a
29.79% stake. It will acquire the shares from Shenzhen Guofa, which will retain
a 3.13% stake in Hualian. Yuancheng, a large real estate developer in Yantai,
had been predicted to make such a move, since following the July deal, its CEO
Xu Chenghui was picked to serve as Hualian's general manager, signaling that
the Yanji Group, Hualian's de facto controlling party, was looking to
relinquish control. Yantai Hualian trades on the Shanghai exchange under special treatment for
poorly-performing companies.
ST Yantai Hualian: 600766.SH
Link:
http://news.hexun.com/detail.aspx?lm=1720&id=1435834