CLSA Premium Limited, a foreign exchange (forex broker), has received a requisition from a shareholder for the proposed winding up of the company and to hold an extraordinary general meeting (EGM).
According to a statement filed through the Hong Kong Exchanges and Clearing Limited (HKEX), the Board of CLSA Premium received the Requisition Letter on the 1st of June 2020, in which the shareholder asked to convene an EGM to pass the special resolution if deemed fit.
In particular, the letter said that: “That in view of the failure by the Company to comply with Rule 13.24 of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited due to its insufficient level of operations and its poor financial situation, the Company be wound up by the Grand Court of the Cayman Islands and the available surplus assets on liquidation be distributed amongst the members of the Company in accordance with its articles of association and the Companies Law (2020 Revision) (the “Requisition Resolution”).”
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Having considered the details of the letter, the Board of the broker has decided to put forward the Requisition Resolution at the EGM for the Shareholders. According to the statement, the Shareholder who made the request, at the date of the deposit of the latter, represented around 14.75 per cent of the total issued share capital of the company.
KVB Kunlun rebranded to CLSA Premium
As Finance Magnates reported, CLSA Premium was formerly known as KVB Kunlun Financial Group Limited. The FX broker announced that it had decided to change its name in September of last year, in order to better reflect that the Group is part of the substantial shareholder’s group of entities, which includes CLSA group.
The name change followed on the heels of some of the broker’s senior leadership team leaving the company. Specifically, the firm’s CEO – Stefan Liu stepped down from the brokerage. As Finance Magnates highlighted, Liu left the firm back in July of 2019. He reportedly left due to his disagreement with the Board of the brokerage over disclosure of certain matters relating to the business involving Chinese clients. The CFO of the broker also left not long after.