China Dongxiang Enters Settlement Agreement Over Subscription Loan

China Dongxiang (3818) said it has signed a settlement agreement to resolve ongoing uncertainty over the recoverability of the company’s subscription loan, according to Ming Pao. The agreement was reached on July 24 this year after the company carried out a full review of available options and discussed them with the sellers. It involves China Dongxiang, GSL and the sellers, including Chief Financial Officer and Executive Director Lui Kwong-wang, former executive director and chief executive Zhang Zhiyong, who now holds the title of special assistant to the chairman, as well as Chen Shaowen, Nan Peng, Wang Yalei, Sun Wei and Yang Gang, to settle the outstanding amount of the sellers’ subscription loan.