Chinese state-owned enterprises are not renowned for transparency. Yesterday, Hong Kong-listed financial company China Everbright Limited gave a two-page confirmation that China’s State Council had approved the group’s restructuring.

Details of asset swaps between the Ministry of Finance and Everbright companies were brief and obscure. Shares in the company rose 12 per cent. Siblings Everbright Securities (listed in Shanghai) and China Everbright Bank (Hong Kong) rose 3 per cent.

In March, Hong Kong-listed steelmaker Citic Pacific also said it would acquire assets from its state-owned parent. By contrast, it made efforts to educate investors about the deal. These included, in April, a 62-page presentation given over 90 minutes with simultaneous translation for non-English speakers.