Pudong Bank trading halt due to 'undisclosed important matter' - Shanghai Bourse

FXStreet (Bali) - According to the Wall St Journal, shares of Shanghai Pudong Development Bank Co., a mid-sized lender, were placed on a trading halt Monday, due to an "important matter," pending to be disclosed, according to the Shanghai Stock Exchange.

As Shen Hong from the WSJ notes:

"Citing unnamed local government sources, the state-run China Business News reported Monday that Pudong Development Bank will likely acquire Shanghai Trust, a state-run trust firm, as part of the Shanghai government's initiative to reform local state-owned companies and create more powerful financial conglomerates."