After accepting Yue Xiu Group's takeover bid, shares of Chong Hing Bank dropped the most in five weeks.
Chong Hing Bank
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Share trading of Chong Hing Bank and its parent company were suspended temporarily pending confirmation of the sale of the bank to Yue Xie Group.
People with knowledge of the transaction said the Yue Xiu Group was nearing a deal to buy Hong Kong-based Chong Hing Bank.
Hong Kong's Wing Hang Bank Ltd. and Chong Hing Bank Ltd. might go on sale after valuations approached levels that were last seen during the 2008 global financial crisis.
Sources told Reuters that Hong Kong-based Chong Hing Bank Ltd has received a potential merger and acquisition offer from a firm controlled by the Guangzhou city government.