Summary by Moomoo AI
On November 25, 2024, ZhongAn announced online that it will hold an Interim General Meeting on December 11, 2024 to consider the Automotive Mutual Insurance Cooperation Agreement and the proposal for the issuance of senior bonds abroad. THE COMPANY PLANS TO RENEW THE MOTOR INSURANCE COOPERATION AGREEMENT WITH PAYASAN INSURANCE FOR THE PERIOD FROM JANUARY 1 TO DECEMBER 31, 2025, AND PREMIUM REVENUE IS EXPECTED TO GROW 25.6% YEAR-ON-YEAR.In addition, the company intends to issue no more than $0.6 billion in foreign senior bonds on the international market to raise funds to repay maturing debt and replenish liquidity. The Board of Directors has authorized interested parties to handle the issuance and will seek shareholder approval at the Provisional General Meeting.The Independent Board of Directors and the Independent Financial Adviser consider that the terms of the Automotive Insurance Cooperation Agreement and the issuance of the Senior Notes are fair and reasonable and in the overall interests of the Company and its shareholders, and recommend that the shareholders vote in favour of the relevant resolutions.
