Vanke rises as battle hots up

Latest twist in the corporate power struggle fans increased speculation, uncertainty

Shares of China Vanke Co Ltd rose on Wednesday after its largest shareholder, financial conglomerate Baoneng Group, upped its stake the previous day in the country's biggest residential developer, in the latest twist in a high-profile corporate struggle for control.

Baoneng bought more than 78.39 million Vanke A shares, or a 0.71 percent additional stake, on Tuesday and Wednesday, Vanke said in a regulatory filing on Wednesday. That brought the company's total holding in Vanke to 25 percent.