Investors anticipate sale of Chong Hing Bank

One of Hong Kong’s few remaining family-owned banks attracts record trading after confirming an approach from a possible buyer.
The sale of Chong Hing would be the first bank sale in Hong Kong for five years
The sale of Chong Hing would be the first bank sale in Hong Kong for five years

Shares in Hong Kong’s Chong Hing Bank rose sharply on Thursday after the family-owned lender said that it was talking to a potential buyer.

In a statement to the stock exchange, the bank said that third parties had approached its 50.2% controlling shareholder, Liu Chong Hing Investment, about the possibility of buying its stake but that no firm offer was on the table.

Liu Chong Hing is controlled by the bank’s chairman, Lit-Mo Liu, and his family.

The stock hit a record high of HK$27.70 shortly after the shares resumed trading on Thursday morning and ended the day at HK$26.30, up 17%...

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