China Jinmao's (HKG:0817) indirect wholly-owned subsidiary Xi'an Shunmao Property will purchase a 40% stake in Xi'an Mingmao Property it does not still own from Jiaxing Yangmao for 1.66 billion yuan, according to a Monday filing with the Hong Kong Stock Exchange.
Xi'an Shunmao already holds 60% of Xi'an Mingmao.
Once the transaction is completed, Xi'an Mingmao will become an indirect wholly-owned subsidiary of China Jinmao.
Shares closed 19% higher during Monday's trading.
Price (HKD): $1.17, Change: $+0.19, Percent Change: +19.39%
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