In the first quarter of this year, Harmony Health, a company formerly owned by Anbang, reduced its stake in China Merchants Bank by 130 million shares, cashing out at least 5.3 billion yuan (RMB).
In the first quarter of this year, Harmony Health reduced its holdings in China Merchants Bank by 130 million shares, bringing its stake in the bank down to 1.13 billion shares and its shareholding ratio from 4.99% to 4.48%, according to a report by Brokerage China on May 4.
China Merchants Bank’s first quarterly report showed that the top 10 shareholders’ positions at the end of the quarter had changed in ringgit, with Harmony Health’s shareholder ranking dropping to seventh from fourth at the end of the fourth quarter last year. This is the first time since Harmony Health became the fourth largest shareholder of China Merchants Bank in September 2018 and held 4.99% of its shares in China Merchants Bank to reduce its holdings.
Harmony Health realized $5.3 billion to $7.4 billion from reducing its holdings in CMB in the first quarter.
The report said Harmony Health’s holdings came from the former Anbang Property and Casualty Insurance of the Anbang family.Before the end of June 2018, the Anbang family had only one main investment in CCB, holding a total of 2.934 billion A and H shares of CCB, accounting for 11.63% of the bank’s total share capital.
Later, the Anbang Group had internal transfers to vacate its shareholding in the restructuring by the CPC, and after two rounds of internal transfers, the Anbang system’s shareholding in CCB changed from one Anbang Property and Casualty Insurance to three Anbang Property and Casualty Insurance, Harmony Health and Anbang Life, with the three shareholdings of 1.65%, 4.99% and 4.99% respectively.
In early July 2018, CBC announced that Anbang Property and Casualty Insurance transferred its 1.259 billion A shares of CBC to Harmony Health Insurance, and Harmony Health thus officially became the fourth largest shareholder of CBC, with a 4.99% shareholding.
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