Restart of IPOs

Broad changes coming in finance, premier says

State-owned property developer Greenland Holding Group plans to list on China's A-share market through an asset swap with a Shanghai-listed firm, and private equity investors play an important role in the backdoor listing deal, according to Shanghai Securities News on Tuesday.

Greenland, which has expanded aggressively abroad in the past year, plans to inject 65.5 billion yuan ($10.6 billion) of assets in Shanghai Jinfeng Investment Co, as part of the backdoor listing process. Five private equity firms purchased 20 percent shares between them.

According to a statement from the Shanghai Stock Exchange, for listed companies with share capital of more than 400 million yuan, the shareholding ratio of the public should be at least 10 percent.

Jinfeng Investment should meet the requirement and the private equity firms, which are regarded as public shareholders, contributed to the deal.