Jushenghua now Vanke’s biggest shareholder

    CHINA Vanke Co. said Shenzhen Jushenghua Co., a firm with property and insurance businesses, has become its biggest shareholder, controlling one fifth of the company with a partner firm.

    Jushenghua and partner Foresea Life Insurance Co. now own 20 percent after Jushenghua bought an additional 4.97 percent as of Friday, China’s biggest property developer by market value said in a filing yesterday. Jushenghua owns 20 percent of Foresea. Vanke shares surged 33 percent last week to its highest level in eight years. China Resources Co. was previously Vanke’s biggest shareholder with a 17.29 percent stake as of Sept. 30.

    China Coal Energy to sell assets to parent

    COAL miner China Coal Energy Co. said yesterday it will sell some non-coal assets to its parent for a total of 927.7 million yuan (US$145 million) as it looks to exit businesses that have suffered from low profitability.

    The firm said it agreed to sell Shanxi Chinacoal Pingshuo Xinyuan Co., Shanxi Chinacoal Pingshuo New Building Materials Co., Shanxi Chinacoal Pingshuo Zhengjia Rubber Co. and a 75 percent stake in Datun Coal and Electricity (Group) Co. to the parent group — State-owned China National Coal Group Corp.

    Sichuan Shengda defaults on onshore bond

    A DOMESTIC pig iron producer yesterday said it missed a bond payment, becoming at least the seventh firm to renege on obligations in the local note market this year.

    Sichuan Shengda Group Ltd. missed the full 21.75 million yuan (US$3.4 million) in interest due Dec. 5 on its 7.25 percent 2018 notes, because of a cash shortage. It also failed to repay the full 300 million yuan in principal on the bonds that holders opted to sell back early on the same day.

    Stock regulator holds anti-corruption training

    CHINA’S stock regulator has held anti-corruption training for dozens of senior exchange officials to ensure they can nip graft in the bud, it said yesterday, amid a crackdown on the securities industry following a mid-year equity market crash.

    The China Securities Regulatory Commission’s (CSRC) discipline body said it had recently held closed-door training for top officials at the bodies it regulates. It did not give an exact date or identify the organizations involved, but the CSRC is in charge of regulating the Shanghai and Shenzhen stock markets, as well as futures and commodities exchanges in other parts of the country.