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Trading in SDB shares suspended

By Yang Zhen (China Daily)
Updated: 2009-02-24 07:28

Trading in Shenzhen Development Bank (SDB) shares was suspended yesterday after media reports that China Development Bank (CDB) planned to acquire a stake in the former.

The mid-sized Chinese lender's stock touched the 10 percent daily limit to 14.99 yuan, before trading was suspended in the afternoon.

CDB has sent an acquisition plan to the China Banking Regulatory Commission (CBRC), the country's banking regulator, the Economic Observer reported.

China Development Bank denied the report, saying it has no plans at present to buy Shenzhen Development Bank or other banks, it said.

US private equity firm Newbridge Capital, the lender's largest shareholder's share lock-up period expires this year. This has led to speculation that Newbridge may exit the bank. SDB shares would resume trading after CDB publishes a statement, the Shenzhen-based lender said.