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China Resources snubs Baoneng
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CHINA Resources Group, the second-largest shareholder of China Vanke Co, said yesterday that it opposed an earlier plan by Baoneng Group, Vanke’s biggest shareholder, calling for the dismissal of all 12 of Vanke’s directors, including founder and Chairman Wang Shi.
State-owned China Resources said via its official WeChat account that it would consider the reshuffle of Vanke’s senior management team in a way that will benefit the future development of the company, which is the largest home builder on the Chinese mainland.
On Sunday, Vanke said in a Shenzhen Stock Exchange filing that Baoneng, its major shareholder with a 24.26 percent stake, called for the developer to convene a shareholders’ meeting to vote for the removal of all of its 12 directors.
Baoneng said Wang should be fired because he had spent most of 2011 to 2014 studying overseas and did not carry out any duties for Vanke despite getting 50 million yuan (US$7.5 million) in salary. The 11 other directors also had to be sacked since they allowed Wang to receive the salary while he was off duty.
The latest twist came after Vanke’s announcement on June 19 that it plans to acquire a unit of Shenzhen Metro Group as part of restructuring by Wang and his top management to avoid a possible takeover by Baoneng.
Under the proposal, Vanke would acquire Metro Qianhai International Development Co for 45.6 billion yuan by selling shares to the subway operator.
China Resources and Baoneng, which together hold 39.5 percent in Vanke, opposed the restructuring plan. They yesterday denied they were acting in concert in separate replies to earlier queries from the Shenzhen exchange.
Baoneng’s plan to remove Vanke’s senior management, which has a track record in managing Vanke’s growth and prudent financial management, would be credit negative, said Kaven Tsang, Moody’s lead analyst for the developer.
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