China's property giant Vanke Co saw its biggest shareholder change hands on Sunday, as Shenzhen Jushenghua Co and its related parties replaced China Resources with a combined stake of 20 percent.
The change came as Jushenghua added 549.09 million shares or 5 percent stake via open market to its holding over the past six trading days, while Vanke A-share surged 31 percent.
Jushenghua, together with Foresea Life Insurance Co, a company acting in concert, holds a combined 2.21 billion A-shares in Vanke. Such investment is estimated to have cost around 29.92 to 35.76 billion yuan, according to Securities Times.
However, Vanke remains with no controlling shareholder due to its scattered shareholding structure, said the company in an announcement to Shenzhen stock exchange.
State-owned enterprise China Resources was Vanke's largest shareholder for 15 years, with 15.2 percent stake as of the third quarter.
Vanke A-share traded at 18.14 yuan at the closing of the morning session, down 4.4 percent.
