Rothschild acquires 5.1% of China CYTS Tours
Updated: 2011-08-31 10:30
The asset management arm of Edmond De Rothschild Group, owned by the Rothschild Family, said it had bought more than 5 percent of China CYTS Tours Holdings Co Ltd and plans to increase stake over the next 12 months, Reuters reported.
Edmond De Rothschild Asset Management Hong Kong Ltd owned 21 million CYTS Tours shares, or 5.06 percent of the Shanghai-listed company, as of Aug 30, and planned to buy more shares to gain investment returns, the company said in a statement to the Shanghai Stock Exchange.
In line with Chinese regulations, upon acquiring more than 5 percent of a listed company, an investor is required to fully disclose its holdings.
The statement comes a week after CYTS Tours said it had failed to receive regulatory approval to spin off its profitable Wu Zhen tourism unit for a Hong Kong listing -- a plan that had raised investor concern over the future profitability of the company.
Rothschild and other foreign investors have been investing in China's capital markets under the Qualified Foreign Institutional Investor (QFII) scheme, seeking exposure to the world's fastest-growing major economy.
Rothschild said it had been gradually buying shares of CYTS Tours since February this year, through borrowed as well as its own QFII quotas.
Rothschild has also bought more than 5 percent of chemical producer Liuzhou Chemical Industry Co Ltd.
Hong Kong-listed Chinese companies in which Rothschild owns a more than 5 percent include China Tycoon Beverage Holdings Ltd , investment holding company CNNC International Ltd, NetDragon Websoft Inc and Tianjin Capital Environmental Protection Group Co Ltd .
Set up in 1953 by Baron Edmond de Rothschild, the Rothschild Group specializes in private banking and asset management.
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