China's top securities watchdog has rejected a plan by appliance maker Midea Group to sell a stake to an investment arm of Wall Street bank Goldman Sachs.
Midea, a private company that is one of China's biggest makers of appliances, including air-conditioners, freezers, and dishwashers, has long planned to sell a 10.7% stake to GS Capital Partners of Goldman for 717 million yuan (approx. US$91 million).
The plan was vetoed by the China Securities Regulatory Commission at a review, without giving a reason.
