Date
19 September 2017

Legend chairman plans to retire after group listing in 2015

Liu Chuanzhi, chairman of Legend Holdings Ltd., said he plans to retire if the company continues to run smoothly after its planned listing in 2015, news portal Sina.com reported over the weekend.

The listing plan was first disclosed late last year, according to media reports. But actually, the goal was set as early as five years ago, Liu was quoted as saying at a forum in Guangxi on Sunday.

Legend Holdings, the parent of Lenovo Group Ltd. (00992.HK), is 36 percent held by a state-owned entity.

During the Third Plenary Session of the 18th Communist Party of China Central Committee, the country’s leaders called for the reform of state-owned enterprises (SOE) through the introduction of a diversified ownership structure. 

The reform is expected to be piloted in the financial, oil, electricity, railway, telecommunication and natural resources industries and among public utilities, according to earlier media reports. The reform proposal is awaiting the State Council’s approval.

Last week, CITIC Pacific (00267.HK) announced it would acquire the assets of its parent CITIC Group for 226.9 billion yuan (US$36.4 billion) and move the parent’s headquarters to Hong Kong from Beijing. The move is also widely regarded as part of the SOE reform.

– Contact HKEJ at [email protected]

MY/CG

 

 

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