Yanzhou Coal proposes new independent director amid governance updates

Yankuang Energy Group Company Limited (HKEX:1171) has announced the proposed appointment of Gao Jingxiang as an independent non-executive director, subject to shareholder approval at the 2024 annual general meeting. Gao, 65, brings a doctoral degree in engineering and experience as a director and academic at China University of Mining and Technology. The nomination occurs as the company undertakes significant revisions to its corporate governance. Specifically, the company plans to amend its Articles of Association, updating rules of procedure for shareholder meetings and the Board, and abolishing the supervisory committee to improve governance and shareholder rights. In addition, the company released its first-quarter results for 2025, reporting operating revenue of RMB30.312 billion, a 23.5% decrease year-over-year, and net profit attributable to shareholders of RMB2.71 billion, down 27.9%. These governance and personnel changes come alongside previously announced transactions, including the acquisition of a 51% equity interest in Shandong Energy Group Xibei Mining Co., Ltd. and continuing connected transaction agreements with Shandong Energy.