Yunnan Baiyao Group (SHE:000538) said up to 60 million of its shares will be used as security and for trust registration of major shareholder Xinhuadu Industrial Group.
The move is related to Xinhuadu's plan to raise up to 2 billion yuan through a private placement of exchangeable bonds.
Xinhuadu holds 435,742,244 shares, or a 24.4% stake, in Yunnan Baiyao.
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