China Minsheng Sells Entire Stake in Haitong Securities

飞雪寒冰

China Minsheng Banking Corp. Ltd. (SH 600016) said it has disposed of its entire stake in Haitong Securities Co. (SH 600837) on the secondary market.
Minsheng sold 381 million shares worth 5.46 billion yuan at an average share price of 14.33 yuan, the Beijing-based lender said in a June 23 statement with the Shanghai Stock Exchange.  

Proceeds will be used to pay down Haitong's debt owed to Minsheng, it said.

Minsheng twice put its Haitong shares up for auction last year, but did not attract sufficient interest.   

Minsheng Bank closed at 7.94 yuan on June 24, down 2.34 percent. Haitong Securities rose 1.60 percent to close at 16.47 yuan.