Evergrande-backed Shengjing Bank halts share trading, cites proposed transaction

1 BUSINESS

Business News - Opportunities - Reviews

 

 

BEIJING, June 20 (Reuters) – Chinese regional lender Shengjing Bank Co Ltd halted trading in its Hong Kong-listed shares on Thursday, citing a proposed transaction.

Moves of regional banks like Shengjing have been closely scrutinised by investors and markets after Chinese regulators seized Baoshang Bank last month, citing “severe credit risks”.

Shengjing, which announced the trading halt in a stock exchange filing, did not elaborate on the transaction or disclose when its shares will resume trading.

The bank, based in China’s northeastern Liaoning province and controlled by property conglomerate Evergrande Group , recorded a non-performing loan ratio of 1.71% at end-2018, rising from 1.49% from a year ago, according to its annual report.

Its 2018 net profit fell by more than one-third to 5.13 billion yuan ($745.77 million). ($1 = 6.8788 Chinese yuan renminbi) (Reporting by Cheng Leng and Ryan Woo; Editing by Muralikumar Anantharaman)

1 BUSINESS

Business News - Opportunities - Reviews

 

 

Leave a Reply