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HONG KONG, May 28, 2015 - (ACN Newswire) - Hanhua Financial Holding Co., Ltd. ("Hanhua" or the "Company", and, together with its subsidiaries, the "Group"; stock code: 3903), the largest credit guarantee company and the third-largest lender of micro and small loans in China in terms of geographical presence, is pleased to announce that on the 2014 Annual General Meeting ("AGM") today, the proposals on the 2014 profit distribution plan, the share incentive scheme and applying for the initial public offering and listing of A shares within the PRC are considered and approved.
The Board recommended a final dividend of RMB0.1 (tax inclusive) per ordinary share in cash for the period ended 28 February 2015, approximately RMB460 million in total. Besides, the Group was approved to implement the Share Incentive Scheme to motivate the senior management and middle to senior management ("Participants") of the Company or its subsidiaries or branches. Pursuant to the Share Incentive Scheme, the Group will purchase an aggregate number of H shares with a value not exceeding RMB10 million in H-share open market. The source of funds for the purchase is the incentive fund contributed by all Participants of the Company. 40-100% of the annual performance-based remuneration of the Participants is the limit amount of incentive fund for restricted shares. Moreover, the Annual General Meeting overwhelmingly approved the proposal on A share offering and listing. The Company intends to apply to the China Securities Regulatory Commission ("CSRC") for the initial public offering of, and permission to deal in, shares in the PRC. It is intended to issue not more than 700 million A shares in open market, raising RMB1.5 billion to invest in the Group's SME lending and gurantee businesses.
Mr. Zhang Guoxiang, Chairman, executive Director and President of Hanhua said, "In 2014, Hanhua Financial was successfully listed on the Stock Exchange of Hong Kong, which was an important milestone in the strategic development of the Group. We believe Hanhua's core businesses will see further growth since the market demand for lending and gurantee busuinesses continues to surge in the Mainland China, and the government has increased efforts to support the industry as well. In order to better execute our strategic development plan, we intend to list on the A share market, so as to to enhance the capital base for our SME lending and guarantee businesses, which is expected to enable the Company to better grasp market opportunities. Moreover, through the the Share Incentive Scheme approved on the AGM, the interests of the core management are directly related with the Company's growth performance, and the Scheme is expected to motivate the core management as well as to further stimulate the potential of all staff. In the future, Hanhua Financial will continuously strengthen its capital base and optimize its business operation, thereby it is expected to rapidly grow into a premier diversified and integrated financial service company in China."
About Hanhua Financial Holding Co., Ltd.
Hanhua Financial Holding Co., Ltd. ("Hanhua" or the "Company", and, together with its subsidiaries, the "Group" ; stock code: 3903) is the largest credit guarantee company and the third largest lender of micro and small loans in China in terms of geographical presence. The Group focused on providing diversified and comprehensive financial services such as credit guarantee, small loans, financial factoring, asset management and credit management to small and medium-sized enterprises ("SMEs") in China. As of 31 December 2014, the Group entered into cooperation arrangements with 65 banks in China. These banks have agreed to extend over RMB40.0 billion of credit in aggregate to borrowers which the Company provides bank financing guarantees. With a strong capital base and robust financial performance, Hanhua received AA+ ratings from many of the credit rating agencies recognized by the Chinese government authorities. Hanhua seeks to further grow its business into a premier diversified and integrated inclusive financial service company in China.
Issued by Porda Havas International Finance Communications Group for and on behalf of Hanhua Financial Holding Co., Ltd.
Porda Havas International Finance Communications Group
Mr. Paul Sham +852 3150 6730 paul.sham@pordahavas.com
Ms. Camille Xiong +852 3150 6799 camille.xiong@pordahavas.com
Ms. Carven Tsui +852 3150 6703 caven.tsui@pordahavas.com
Ms. Ivy Lu +852 3150 6778 ivy.lu@pordahavas.com
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Fax: +852 3150 6728
Topic: Press release summary
Source: Hanhua Financial Holding Co., Ltd.
Sectors: Daily Finance
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From the Asia Corporate News Network
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