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Minsheng investor Lu says will keep raising his stake

Updated: 2017-03-07 08:45

BEIJING-One of China Minsheng Banking Corp's biggest shareholders intends to keep buying more of the lender's stock, which is trading below the book value of its assets.

"It's a good target and we are a longtime investor," Lu Zhiqiang, chairman of China Oceanwide Holdings Group, said in an interview on Monday on the sidelines of the National People's Congress annual meeting in Beijing. "Raising the Minsheng stake is a long-term strategy, as long as the price makes sense."

Lu is also a vice-chairman of Minsheng. Oceanwide holds 5.7 percent of the lender's yuan-denominated A shares, according to data compiled by Bloomberg. Through Oceanwide, Lu boosted his stake in the lender last year, part of a series of moves that had prompted speculation about the shareholding structure of Minsheng ahead of a recent board revamp.

Billionaire Shi Yuzhu, chairman of Giant Interactive Group, raised his investment late last year, while in June two other shareholders, Orient Group Inc and Huaxia Life Insurance Co, struck a deal to act in concert. Anbang Insurance Group Co, which became Minsheng Bank's biggest shareholder in 2014, has indicated that its stake is only a financial investment.

Minsheng Bank unveiled a raft of appointments last month, including reappointing Hong Qi as chairman and naming four vice-chairman, including Oceanwide's Lu. Zheng Wanchun was appointed president.

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