Liu Family to Sell its Shares over Chong Hing Bank Ltd
The Hong Kong lending institution Chong Hing Bank Ltd share values reached a two year high after a reported signal from shareholders that the Liu family was ready to sell their interest.
The Liu family's intention to sell was reported initially by Apple Daily, citing information obtained from anonymous sources. With takeover rumors rife since November after Lau Wai-man was named CEO to replace Liu Lit-chi. Liu is part of the family that established and helped the bank achieve its current stature. Liu said that Chong Hing is entertaining proposals from possible buyers, either for all or part of the bank.
In an emailed statement to Bloomberg News, Chong Hing said, "We don't have any information that needs to be disclosed for now. We are not aware of any specific reasons contributing to the share price movement today."
Hong Kong publicly traded family run banks have fallen in number, down to four from a high of six just ten years ago. China Merchants Bank Co, paid US$4.7 billion in 2009 for Wing Lung Bank Ltd owned by the Wu family.
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