Minsheng investor Lu says will keep raising his stake

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.