Fudan Microelectronics to abolish supervisory committee, shift duties to audit committee

Shanghai Fudan Microelectronics Group Company Limited announced its intention to abolish the supervisory committee and transfer its powers and duties to the audit committee of the board, effective upon shareholder approval. This move, in accordance with the Company Law of the People's Republic of China, will also lead to the abolition of the rules of procedure for the supervisory committee and related regulations. Until approval, the ninth session of the supervisory committee will continue its functions.

The company plans to adopt new articles of association to reflect changes in share capital following its A shares restricted share incentive scheme, remove all sections pertaining to the supervisory committee, and align with Hong Kong listing rules and applicable laws. These comprehensive amendments will replace the existing articles of association, subject to a special resolution vote at the forthcoming general meeting.

Additionally, Fudan Microelectronics will revise several procedural rules and regulations, including those for management of proceeds, related party transactions, foreign investment, external guarantees, and general meetings. These amendments, aimed at enhancing governance and operations, require approval via ordinary resolutions from shareholders.