for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

UPDATE 1-China Huarong to hold first 2021 extraordinary shareholder meeting in August

(Adds details, background)

BEIJING, July 1 (Reuters) - China’s Huarong Asset Management Co Ltd said late on Thursday it would hold its first extraordinary shareholder meeting for 2021 on August 17.

In filings to the Hong Kong stock exchange, the company said said it would consider and approve at the meeting the election of Liang Qiang as an executive director.

Other resolutions to be made include the 2019 remuneration settlement plan for company’s directors and supervisors, as well as the firm’s 2021 budget on fixed assets.

Huarong, which counts China’s finance ministry as its biggest shareholder, missed a March 31 deadline for filing its 2020 earnings, sparking a rout in its U.S. dollar-denominated bonds that spread to other issuers amid concern that a default could see foreign investors losing out.

Late on Tuesday, Huarong said it could not determine when it would publish its 2020 financial results, and proposed delaying its annual shareholder meeting, according to exchange filings.

It also announced plans on Tuesday to sell stakes in a distressed asset exchange unit, amid a regulatory push to sell non-core assets as part of its business revamp. (Reporting by Cheng Leng, Samuel Shen and Andrew Galbraith; editing by Jason Neely, Kirsten Donovan)

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up