Luzhou Bank seeks shareholder approval for director elections, asset restructuring

Luzhou Bank Co., Ltd. announced an Extraordinary General Meeting (EGM) scheduled for December 17, 2025, to address several pivotal resolutions. These include the proposed election of Ms. Wang Jie as a non-executive director and Mr. Qiu Wei as an independent non-executive director for the eighth session of the Board of Directors, along with the approval of their respective remunerations. Both appointments are subject to approval from the Sichuan Bureau of the National Financial Regulatory Administration. Ms. Wang Jie, currently a full-time equity director at Luzhou Municipal State-owned Financial Enterprises, will not receive remuneration from the bank, while Mr. Qiu Wei, an independent director at Bank of Xi'an Company Limited, is proposed to receive an allowance of HK$350,000 annually and a RMB1,000 meeting subsidy.

Additionally, shareholders will consider authorizing the board to decide on a credit customer's asset restructuring plan, including potential reductions and exemptions. This plan addresses three financing arrangements from 2016-2019 with a group experiencing operational difficulties, leading to non-performing assets totaling RMB818 million in principal and RMB144 million in accrued interest. The restructuring is facilitated by a proposed acquisition of the group's assets by a state-owned enterprise. The bank will close its H Share register from December 12 to December 17, 2025, for EGM voting eligibility.