Zhongguancun Science-Tech Leasing seeks extension for director appointments amid non-compliance

Zhongguancun Science-Tech Leasing Co. Ltd. announced ongoing non-compliance with Hong Kong Listing Rules, specifically regarding the composition of its board and committees. The company currently has fewer than three independent non-executive directors and less than one-third independent non-executive directors overall, violating rules 3.10(1) and 3.10A. Additionally, the chairmanships of its remuneration committee and nomination committee are vacant, contravening rules 3.25 and 3.27A respectively.

The grace period for rectifying non-compliances under rules 3.10(1), 3.25, and 3.27A is set to expire on October 21, 2025, while the grace period for rule 3.10A expires on December 30, 2025. The company has identified a suitable independent non-executive director candidate but requires additional time to complete internal appointment procedures, board approvals, and secure shareholder and regulatory approval from the Beijing Municipal Bureau of Local Financial Regulation and Supervision.

Consequently, the company has applied to the Stock Exchange for a waiver from strict compliance with the relevant rules and an extension of the grace period. The board currently consists of four executive directors, one non-executive director, and two independent non-executive directors.