July 20 -- Baida Group (600865) filed its second-largest shareholder, Intime Department Store, and its PACs, Hangzhou Intime Outlets Commercial, cut their holdings in Baida by 760,000 shares or a 0.2-percent stake on July 15, reports China Business News. The asset sale leaves Intime Department Store with 18.04 million shares in Baida, accounting for a 4.8-percent stake.

Intime’s holdings cut may for further holdings increase in Wuhan Department Store Group (000501), as Intime expressed so earlier. Intime has been competing against Wuhan Business Alliance for controlling rights to Wuhan Department Store. Wuhan Business Alliance is planning to restructure its two listed subsidiaries, Zhongbai Holdings Group (000759) and Wuhan Zhongnan Commercial Group (000785). The two suspended their share trading today.