Yue Xiu not to buy major stake in Chong Hing Bank

State-owned Yue Xiu Enterprises (Holdings) Ltd denied on Wednesday that it is seeking a major stake in Hong Kong-listed Chong Hing Bank Ltd, the Guangzhou Daily reported.

Hong Kong media reported earlier that the group wanted to buy 60 percent of the shares in the Hong Kong-listed bank.

Yue Xiu Enterprises (Holdings) Ltd is a Hong-Kong based investment corporation of the Guangzhou government. It is licensed to run financial service businesses, including securities, funds, trusts, but it has not yet got a license to enter the banking sector.