Swapping China Resources for Shenzhen Metro Should End Shareholder Battle
On Jan. 12, 2017, China Vanke announced that its second-largest shareholder, China Resources Holding, has agreed to dispose its entire stake in the company to Shenzhen Metro. The disposal clears the way for Shenzhen Metro to become the largest shareholder in China Vanke. While the share price will likely run up as the investors are relieved that the long-running shareholder battle is coming to an end, we maintain our fair value estimate of HKD 22.90, or CNY 19.10, along with our no-moat rating f...China Vanke is engaged in the development and sale of properties with commodity housing as its major products. Through its subsidiaries, Co. is also engaged in project investments; the construction technology research; investment trading and provision of consultancy services; intelligent technology; and the provision of yacht and berth leasing. Co.'s investment covers Guangshen Region, Shanghai Region, Beijing Region and Chengdu Region.
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