Shenzhen Metro will account for 20.65 percent of China Vanke’s total shares, according to the plan.
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The shares opened at 21.99 yuan in the morning, down 9.99 percent from its last trading session late previous year.
On Sunday, Vanke announced in an exchange filing that it had rejected the request. Baoneng Group has been calling for the resignation of China Vanke’ board members.
In response, Baoneng proposed ejecting Vanke’s senior management team, including Wang, who is also founder of the company. It wasn’t aware of any recent media reports with undisclosed material information that may have impact on its share prices, it said.
The real estate giant suspended trading in December as it got involved in a tussle over control of the company after the privately owned Baoneng Group quietly bought enough shares previous year to become its largest holder.
Shares of Hong Kong-listed China Vanke traded at HK$16.42 at 9.40am, up 1.2 per cent from the previous close.
The property company unexpectedly suspended trading in December 2015, saying that it was planning to issue new shares for capital restructuring and assets acquisition.
Both have opposed a plan by Vanke to sell about $6.9 billion in shares to Shenzhen Metro Group as part of a restructuring plan to end what the developer has labeled a hostile takeover bid.
Vanke halted its limit down this morning, opening only 3.5% lower in Shenzhen.
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