Minsheng denies A share sell reports

China Minsheng Banking Corp said Tuesday that Liu Yonghao, one of the founders of the bank, did not sell the bank's A shares as media reported.

Liu has been profiting from the price gap of the bank's A shares and H shares by buying H shares and selling A shares, media said, and Liu might have gained 80 million yuan ($13 million) from the transaction.

Liu has a controlling stake in two firms that are shareholders of Minsheng, and the two firms did not sell Minsheng's A shares recently.