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StumbleuponHONG KONG - Hong Kong domestic bank Wing Lung fell in trading today as investors question its long term prospects.
Beijing is expected to announce that the bid price will be limited for mainland state-owned banks.
China Merchants Bank Ltd. and Industrial Commercial Bank of China, most held by mainland government, have been asked not to pay more than 2.5 times book value. The two banks are reported to have been vying for stakes in Wing Lung.
China Merchants Bank has given bids of 3.1 times book value which higher than seller's asking, as reported yesterday.
Shares of Wing Lung plunged 6.15% in the end of day's trading in Hong Kong.
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