A unit of Cosco Shipping Development Co (CSDC) has dumped a plan to increase its stake in China Bohai Bank in a CNY 1.76bn ($253m) deal.
It said it would waive its right to subscribe for additional shares placed by the lender.
In a statement to the Shanghai Stock Exchange, it added that the move was being made in consideration of capital layout and capital allocation efficiency.
Shareholders had approved the stock increase last year.
CSDC is the state-owned Cosco group's vessel and container finance and leasing arm.
