KVB Kunlun plans to change its name to CLSA Premium
The Board of KVB Kunlun considers that the change will reflect the fact that the Group is part of the substantial shareholder’s group of entities, including CLSA group.
Hong Kong-focused retail Forex broker KVB Kunlun Financial Group Ltd (HKG:6877) today unveiled a proposal to change the name of the company from “KVB Kunlun Financial Group Limited” to “CLSA Premium Limited”. The stock short name of the company will also be changed accordingly.
Explaining the rationale for the planned change, the Board says the new name will better reflect the fact that KVB Kunlun is part of the substantial shareholder’s group of entities, including CLSA group. Furthermore, 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.
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 not set to affect any rights of the holders of securities of the company or the company’s daily business operation and/or its financial position. There will be a change of stock short name but the rest of the trading arrangements for the company’s shares on The Stock Exchange of Hong Kong Limited will not be affected.
Given the proposed name change, the Board also proposes to amend and restate the memorandum of association and the articles of association of the brokerage. The proposed amendments are subject to the passing of a special resolution at an extraordinary general meeting.
In July this year, KVB Kunlun parted ways with its CEO Liu Stefan. The resignation of Mr Liu Stefan was rather abrupt and reflected his disagreement with the Board of the brokerage over disclosure of certain matters relating to the business involving Chinese clients.