What’s new: China Vanke Co. Ltd., one of China’s largest developers by sales, is about to elect its next team of directors for the coming three years, and has proposed a list of candidates including three from the company’s management team, four from state-owned enterprises (SOEs) in Shenzhen and another four from other companies, according to the developer’s exchange filing on Friday.
Four proposed candidates remain the same as the current term’s. The appointments will take effect upon relevant approvals by shareholders at the general meeting set to take place on June 30.
What’s the background: The last election of directors took place in June 2017, when Vanke brought in Shenzhen Metro Group Co. Ltd. as its largest shareholder to fight against the hostile takeover of property-to-financial services conglomerate Baoneng Group, which later had to offload its holding in Vanke through its subsidiaries after running afoul of regulators cracking down on highly leveraged transactions.
At the end of March, Shenzhen Metro was the largest shareholder of Vanke, holding 28.69% of Vanke’s shares. The shareholding percentage of Baoneng’s subsidiary Shenzhen Jushenghua Co. Ltd. shrank to 1.14%, but it still remained among the top 10 largest shareholders of Vanke.
Contact reporter Timmy Shen (hongmingshen@caixin.com) and Marcus Ryder (marcusryder@caixin.com)
