China Merchants Bank Co., Ltd. (03968.HK; 600036.SH) announced Thursday night that state-owned conglomerate China Merchants Group Ltd., through its subsidiaries, indirectly increased its holdings in the bank by around 1.477 billion shares in the period from July 11 to October 8, according to a filing with Shanghai Stock Exchange.
As of Oct.8, China Merchants Group indirectly owned 26.8 percent shares of China Merchants Bank. China Merchants Group said this round of share purchase was made based on strong confidence in China's stock markets, as well as in the bank's growth, adding that it may continue to raise its stake in the next 12 months. On Friday, China Merchants Bank's shares opened higher at RMB17.95 in Shanghai and HKD19.84 in Hong Kong.
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