China Resources deal fails shareholder vote

Shareholders voted down state-run China Resources Holdings’ plan to combine its flagship China Resources Power Holdings (0836.HKG) with its piped-gas unit China Resources Gas (1193.HKG) on Monday, The Wall Street Journal reported. The rejection comes amid media reports and a lawsuit filed by shareholders concerning accusations that China Resources Power and the parent company deliberately overpaid for coal mines in 2010. On Monday more than 30 company staff guarded the 30-minute special shareholders’ meeting, according to a shareholder who took part. About 20 shareholders attended the meeting and four questions were asked, including two about the company’s mining-asset purchase, said shareholder Albert Lui.