SOUFUN Holdings Ltd. plans to switch its stock listing from the United States to China, joining companies that are seeking higher valuations on mainland stock exchanges.

    SouFun, China’s biggest real estate Internet portal, is seeking to move its shares to the Shanghai Stock Exchange via a backdoor listing by acquiring a majority stake in storage-battery manufacturer Chongqing Wanli New Energy Co.

    Chongqing Wanli will raise 3 billion yuan (US$462 million) through private placements to purchase SouFun assets, Chongqing Wanli said in a stock filing yesterday. The plan is pending regulatory approval.

    Shares of Chongqing Wanli surged by the 10 percent daily limit to 36.40 yuan after they resumed trading in Shanghai yesterday. They had been suspended since August.

    SouFun is among a growing number of Chinese firms, notably developers, seeking higher valuations by moving their listing from New York or Hong Kong to mainland exchanges.

    Billionaire Wang Jianlin-controlled Wanda Commercial is asking investors to back an effort to take his Hong Kong-traded property company private and relist it in Shanghai.

    Evergrande Real Estate Group Ltd. agreed to acquire a stake in a Shenzhen-listed entity, an acquisition that could signal the firm is also considering a similar move. (SD-Agencies)