ZTE Corp. proposes new financing plan, nominates eight board members
ZTE Corp has proposed a $10.7B financing plan and nominated eight board members in a drastic management overhaul. In filings late on Wednesday, ZTE said its controlling shareholder, Zhongxingxin, had nominated 8 new board members, including five non-independent directors -- Li Zixue, Li Buqing, Gu Junying, Zhu Weimin, and Fang Rong. Voting on this will take place at an AGM on June 29. ZTE also proposed to amend a company statute at the AGM to remove a clause that required the chairman to be elected from directors or members of the senior officers of the company who had served for three years or more. In addition, ZTE proposed to allow the board to apply for a $10.7B credit line, including a $4.69B from Bank of China and $6B from China Development Bank.