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New Coronavirus Hangs Over China Oceanwide Affiliate's Board Meeting

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The new coronavirus pneumonia — Covid-19 — has affected a shareholder meeting scheduled by Oceanwide Holdings, a publicly traded affiliate of China Oceanwide Holdings Group Co. Ltd.

(Related: China Oceanwide Donates $1.4 Million to Virus Fight)

China Oceanwide is a Beijing-based real estate developer and financial services company that’s been trying to acquire Genworth Financial Inc. since late 2016.

Oceanwide Holdings had scheduled a special shareholder meeting for Tuesday, to give shareholders a chance to weigh in on proposed asset sales, and on the appointment of a new director.

The government of China has been encouraging companies to take long winter holidays, in an effort to limit the spread of the Covid-19 pneumonia.

The potentially deadly pneumonia has been most common in and around the city of Wuhan but has also started to affect people in other cities in China.

The Oceanwide Holdings board ended up rescheduling the shareholder meeting for Feb. 19, and it also has added Covid-19-related notes to the new meeting announcement.

“In order to cooperate with the prevention and control of new coronavirus-infected pneumonia, shareholders are recommended to vote through online voting,” Oceanwide Holdings says in the Chinese-language announcement, according to a Google Translate version of the announcement.

Shareholders who need to participate in the in-person meeting are supposed to send their names and other information to Oceanwide Holdings at least one day before the meeting, “so that staff can prepare on-site health management and safeguard measures in advance,” Oceanwide Holdings says.

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