Shanghai — Shares in China’s biggest property firm Vanke surged on Friday after it announced a stock-holding shift that could end a bid by private conglomerate Baoneng to pull off the country’s first hostile blue-chip takeover. For more than a year Vanke’s leadership has sought to fend off Baoneng’s advances, which have also prompted an official government denunciation of "barbarian" takeover attempts. Since 2015 Baoneng has built up a 25% stake to become Vanke’s biggest shareholder in what has emerged as a test of how much progress China’s often dysfunctional stock market and corporate world were making in opening up to free-market practices such as blue-chip takeovers. But late on Thursday Vanke told the Hong Kong stock exchange that Chinese state-owned subway operator Shenzhen Metro Group, which is believed to be sympathetic to Vanke’s top bosses, would purchase a 15.31% stake in the firm. Respected business journal Caixin reported on Friday that Shenzhen Metro Group may buy the ...
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