BEIJING – Huarong Asset Management Co Ltd, based in China, said late Thursday that its first extraordinary shareholder meeting for 2021 will take place on August 17. The business said in filings to the Hong Kong stock exchange that the election of Liang Qiang as an executive director would be considered and approved at the meeting.
Other decisions to be taken include the company’s 2019 salary settlement plan for directors and supervisors, as well as the firm’s fixed asset budget for 2021.
Huarong, whose biggest shareholder is China’s finance ministry, missed a March 31 deadline for filing its 2020 profits, causing a sell-off in its US dollar-denominated bonds, which extended to other issuers amid fears that a default would result in foreign investors losing money.
According to market documents, Huarong said late Tuesday that company couldn’t decide when it would disclose its 2020 financial results and requested delaying its annual shareholder meeting.
It also announced plans to sell interests in a distressed asset exchange company on Tuesday, in response to a regulatory requirement that it sell non-core assets as part of its corporate restructuring.
(Cheng Leng, Samuel Shen, and Andrew Galbraith contributed reporting; Jason Neely and Kirsten Donovan edited the piece.)/n
