Future Land first developer to switch from B to A shares
December 21, 2015 Category Stock Markets, Weekly
Future Land, which recently became the first Chinese developer to successfully complete a shift listing from the B-share market to the A share market, said the process was “full of challenges”. Future Land’s A shares were listed on the Shanghai Stock Exchange on December 4. “We encountered the stock crash and IPO suspension when pushing forward our restructuring,” Future Land’s Executive Director Kenny Chan said. “Some of our investors worried if we could pass the process, but we just kept our pace and obtained all the approvals through the worst environment.” Future Land originally owned a subsidiary (Jiangsu Future Land) listed in China’s B-share market. Future Land’s parent Future Land Development is listed in Hong Kong. China’s B-share market has long been considerd as marginalized and illiquid. It is denominated in foreign currency and used to be open only to foreign investors. To switch to A shares, Future Land proposed to issue A shares to all shareholders of the B-share listed subsidiary along with absorbing and merging with the latter by way of a share swap. Chan said it was very challenging and time consuming to get approvals from all the parties, such as the Shanghai Stock Exchange, the China Securities Regulatory Commission (CSRC) and shareholders.
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