Adds particulars, background
BEIJING, July 1 (Reuters) – China’s Huarong Asset Administration Co Ltd 2799.HK mentioned late on Thursday it might maintain its first extraordinary shareholder assembly for 2021 on August 17.
In filings to the Hong Kong inventory change, the corporate mentioned mentioned it might think about and approve on the assembly the election of Liang Qiang as an govt director.
Different resolutions to be made embrace the 2019 remuneration settlement plan for firm’s administrators and supervisors, in addition to the agency’s 2021 finances on fastened belongings.
Huarong, which counts China’s finance ministry as its largest shareholder, missed a March 31 deadline for submitting its 2020 earnings, sparking a rout in its U.S. dollar-denominated bonds that unfold to different issuers amid concern {that a} default may see overseas traders dropping out.
Late on Tuesday, Huarong mentioned it couldn’t decide when it might publish its 2020 monetary outcomes, and proposed delaying its annual shareholder assembly, in response to change filings.
It additionally introduced plans on Tuesday to promote stakes in a distressed asset change unit, amid a regulatory push to promote non-core belongings as a part of its enterprise revamp.
(Reporting by Cheng Leng, Samuel Shen and Andrew Galbraith; enhancing by Jason Neely, Kirsten Donovan)
((cheng.leng@thomsonreuters.com; +8610-5669-2129;))
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