The Board of Directors of KVB Kunlun Financial Group Limited announced this Monday that it is proposing to change the name of the company to CLSA Premium Limited, to give the Group a fresh new identity.
According to the statement, which was filed through the Hong Kong Exchanges and Clearing Limited (HKEX), the name change would better reflect that the Group is part of the substantial shareholder’s group of entities, which includes CLSA group. In addition, the stock short name of the company will also be changed accordingly.
“The Board believes that the new name will provide the Company with a fresh corporate image and identity, which will benefit the Group’s future business development and is in the interest of the Company and its Shareholders as a whole,” the company said in the statement.
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“In addition, given that there are unaffiliated entities that are using a similar name and conducting similar business as the Company, changing the name would remove any confusion that may cause to the public. The rebranding will be part of the Company’s new plan and vision to better utilize and capitalize on the business know-how and potential synergies with CLSA group and its Affiliates.”
The proposed name change is subject to the shareholders of the company passing a special resolution, which can take place at an extraordinary general meeting. Furthermore, the approval of the Registrar of Companies in the Cayman Islands (the “Registrar”) is needed.
Name change of KVB Kunlun will have minimum impact
Overall, the name change will have a minimal effect on the company’s daily operations and won’t affect any rights of the holders of securities of the company. Besides the change of stock short name, which will be announced by the company if the name change goes ahead, trading will continue on HKEX as normal.
Today’s announcement follows on from both KVB Kunlun’s CEO – Stefan Liu stepping down from the brokerage. As Finance Magnates reported, Liu left the firm back in July of this year. 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.