Shenzhen Development Bank says 290m shares tradable today
25 June 2008
Shenzhen Development Bank, which is controlled by US private equity firm TPG, said 289.7 million of its A-shares will become tradable today as their one-year lockup period expires, Bloomberg reported. Newbridge Capital LLC, the Asian unit of TPG, Haitong Securities and 45 institutional investors will be allowed to sell their holdings, which amounts to 12.6% of total outstanding shares. The bank still has 247 million non-tradable shares in addition to the ones that will be made tradable. Shares of the bank ended Tuesday at RMB21.57 (US$3.14) and have dropped 44% this year, compared with a 47% decline of the benchmark CSI300 Index.