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Bond Market News

Huarong Announces EGM on August 17

China Huarong announced that it will hold its first extraordinary general meeting (EGM) since the distressed asset manager failed to release its 2020 annual results on August 17. At the EGM, it will appoint Liang Qiang as the executive director, make a remuneration settlement plan of the directors and supervisors and put together it’s 2021 budget regarding fixed assets. Regarding publishing of annual results, the company said a couple of days earlier that it could not determine when it would publish 2020 earnings and that auditors need more time to complete their audit as they require more information.

Huarong’s bonds were trading stable – its 2.875% Perps were at 81.9.

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