China Vanke shares soar on B-share migration to Hong Kong
Vanke's B-shares, which are denominated in Hong Kong dollars, opened up 10 percent - the maximum intraday gain mainland shares are allowed to post - at HK$13.75 ($1.77) per share from HK$12.50 at last close.
Its yuan-denominated A-shares also opened at the top of the trading limit, at 11.23 yuan ($1.81) per share, up from 10.21 yuan.
Shares in its Hong Kong-listed subsidiary Vanke Properties Overseas Ltd, formerly known as Winsor Properties, were up around 18 percent at 0200 GMT in Hong Kong, changing hands at over HK$17.6 per share, their highest level since September 2012.
Vanke Overseas shares have been climbing steadily on expectations that its business would be reorganised if Vanke B shares move to Hong Kong, where exchange rules require issuers with two or more listed companies to guarantee they will not compete directly with each other.
Trading in Vanke shares has been suspended since December 25 when the company suspended trading pending an announcement. It announced the plan to shift the shares to Hong Kong on Friday.
The positive response to Vanke's announcement follows the successful migration of China International Marine Containers' (CIMC) B shares to Hong Kong in December.
CIMC's new Hong Kong shares have gained over 26 percent since their first day trading in Hong Kong on December
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