Weihai Bank proposes auditor change for 2025

Weihai Bank plans to appoint KPMG Huazhen LLP and KPMG as its new domestic and international auditors, respectively, for the fiscal year 2025, pending shareholder approval at the 2024 Annual General Meeting (AGM). The change follows a comprehensive review, considering current business needs and limitations on international auditor tenure, adhering to Chinese regulatory guidelines for state-owned financial enterprises. The board's decision comes after reaching agreements with current auditors, Zhongxinghua Certified Public Accountants LLP and BDO Limited, who will not be re-appointed following the 2024 AGM. The engagement term for the new auditors will commence after the 2024 AGM, expiring at the conclusion of the 2025 AGM. The scope includes auditing the consolidated and parent company financial statements for 2025, reviewing interim financial statements, auditing internal controls, and providing assurance for connected transactions. The aggregate audit fee is expected to be RMB3.60 million, encompassing related taxes and miscellaneous expenses.