Chu Kong Petroleum and Natural Gas Steel Pipe (HKG:1938) scheduled a meeting of shareholders to seek approval for a proposed share premium reduction, according to a Monday Hong Kong bourse filing.

Shares of the pipeline company gained over 4% in Tuesday afternoon trade.

Shareholders were asked to convene on Sept. 5 to deliberate on the company's plan to reduce its share premium account by about 767.1 million yuan to partially offset accumulated losses.

The proposed move would lower the company's accumulated loss to 1.73 billion yuan as of Dec. 31, 2024, while retained earnings would stand at 92.2 million yuan.