Nanjing Business & Tourism's (SHA:600250) controlling shareholder, Nanjing Tourism Group, received regulatory approval to restructure, according to a Shanghai bourse filing on Monday.
The Nanjing Municipal Committee for Deepening Overall Reform approved Nanjing Tourism to become the main entity to restructure itself, Nanjing Cultural Investment Holding Group and Nanjing Sports Industry Group.
Nanjing Tourism will remain the controlling shareholder of the Chinese high-intensity discharge lamp manufacturer after the completion of the revamp, the filing said.
The company's shares soared 10% during late morning trade.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments