Ningxia Western Venture Industrial (SHE:000557) said one of its shareholders, China Cinda Asset Management (HKG:1359), expects its controlling shareholder to change, according to a Shenzhen Stock Exchange filing on Friday.
China's finance ministry plans to transfer its entire holdings, which comprised 22.1 billion shares or 58% of Cinda Asset, to Central Huijin Investment for free.
Cinda Asset will remain a state-controlled institution even after Central Huijin Investment becomes its parent, the Chinese company, which engages in winemaking, logistics and railway transportation development, said in the filing.
Cinda Assets shares closed 4% higher and Ningxia Western's shares closed more than 2% higher.
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