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Greenland Group gets green light to list on China’s A-share market
Greenland Group has just been given approval from the China Securities Regulatory Commission to list on China’s A-share market, heralding a new historical chapter for the global property giant. Once successfully listed, Greenland will be the largest Shanghai state-owned property enterprise on the A-share market.
On 23 April 2015, Greenland’s parent company, Shanghai Jinfeng Investment Company, announced the commission had approved a significant assets swap and new share issuance for the property company – a decisive step towards Greenland’s future listing.
The news demonstrates iconic reform of state-owner enterprises by Shanghai Municipal Government’s State-owned Assets Supervisions and Administration Commission is afoot. Following the announcement, Jinfeng Investment’s (600606) share price jumped 37% achieving its highest trading price of 26.35 per share.
“Greenland’s rapid development is a result of continual innovation and an ability to grasp every precious opportunity at each stage,” said Yuliang ZHANG, President and Chairman of Greenland Holding Group Company Ltd.
“This historic step is a natural extension of Greenland’s years of market reform and diversification of ownership. It is crucial to the company’s further development,” he explained.
“The granting of approval shows Greenland’s leading industry position, diversified business portfolios, innovative business patterns and future development potentials have been fully recognised,” added Mr Zhang.
Once listed, Greenland Group will be the largest mixed ownership initiative among Shanghai’s state-owned enterprises. It will be further freed from the constraints and restrictions of traditional state-owned enterprises, allowing it to instigate a management system that can better satisfy market demands.
Using the capital market as a platform for further innovation and transition, the company will reinforce its position in the property industry by strategic mergers and acquisitions to form a “Greenland Group of enterprises.”
It will also expand its business portfolio, optimising its financial structure and seeking further growth via the metro, financial and consumption goods industries.