Newbridge acquisition finalized

Newbridge Capital finalized a deal to acquire an 18% share of Shenzhen Development Bank. The two sides have yet to sign a contract and the acquisition must be approved by Chinese regulators. US-based Newbridge purchased shares in the bank from the Shenzhen government. The deal, first negotiated in 2002, broke down in 2003, leading Newbridge Capital to take legal action against the bank for breach of contract, but Newbridge later dropped the charges. A total of 72% of Shenzhen development shares are tradable on China's A-share market. Private shareholders of the bank also include Delong Group and the Agricultural Bank of China.