Gome re-appoints Bain executives as board directors
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China's business press carried the following stories Thursday. China.org.cn has not checked the stories and does not vouch for their accuracy.
Gome re-appoints Bain executives as board directors - Securities Daily
Domestic home appliances manufacturer Gome has re-appointed three executives of Bain Capital as its non-executive board directors, the company said in a statement Wednesday.
Bain Capital invested US$418 million in Gome last year and therefore got a 10.8-percent stake and 3 board seats in the company.
According to the statement, the proposal to re-elect Bain Capital's three executives to the board didn't get approved at the annual shareholder meeting on Tuesday. Two shareholders representing 31.6 percent stakes voted against the proposal. Market rumors say that Gome's founder and major shareholder Huang Guangyu is also against the re-appointment.
However, Gome believed that the failed re-election "does not represent the will of the entire executive management team and the board." Therefore, Gome's board held an emergency meeting after Tuesday's meeting and decided on the re-election.
The statement also said that if the re-election fails, Gome will have to pay US$2.4-billion in compensation to Bain Capital.
Chinese securities companies' net profit hit 102 bln yuan in '09 - Caijing Magazine
Chinese securities companies had a net profit totaling 101.96 billion yuan in 2009, according to their 2009 annual report released earlier, Caijing Magazine reported Thursday.
China has a total of 106 securities companies, 104 of which reported a profit in 2009. Only Daiwa SSC Securities and China Euro Securities posted losses.
The 106 securities accumulated 234.74 billion yuan of business revenue last year, up 87.64 percent year-on-year. Brokerage business is still the largest source of revenue and brought in 80.74 percent of the overall revenue.
These securities cashed in 189.52 billion yuan in fee and commission income in 2009, and had net assets of 483.88 billion yuan by the end of last year.
China approves 287-bln yuan bank fundraising plan - National Business Daily
China's State Council has approved the country's four largest state-owned banks' plan to raise a total of 287 billion yuan, the National Business Daily reported Thursday, citing unnamed sources.
The four largest state-run listed banks - China Construction Bank (CCB), Bank of Communications (BoCom), Industrial and Commercial Bank of China (ICBC) and Bank of China (BOC) - all need to absorb more funds in order to further increase their core capital adequacy ratio.
By now, CCB and BoCom have revealed their refinancing plans to raise 42 billion yuan and 75 billion yuan, respectively.
BOC and ICBC have yet to release their plans. However, calculating from the combined scale of 287 billion yuan, these two banks will raise about 170 billion yuan. Sources told the newspaper that BOC and ICBC will raise 100 billion yuan and 70 billion yuan, respectively.
