China Zheshang Bank to dissolve board of supervisors, shift powers to audit committee

China Zheshang Bank has announced proposals to dissolve its board of supervisors, aligning with the Company Law of the People's Republic of China and regulatory provisions. This move will see the audit committee of the bank's board of directors assume the statutory functions and powers of the supervisory board. Concurrently, the bank plans to appoint employee directors to the board and amend its articles of association, with existing supervisory board rules to be abolished.

The dissolution proposal and amendments to the articles of association require approval as special resolutions at a general meeting of shareholders and subsequent endorsement from the NFRA. The current board of supervisors and its members will continue their duties until the effective date of the adjustment. These changes reflect efforts to improve the corporate governance system, incorporating revisions from the 2023 Company Law and other regulatory guidelines.

The bank will hold its 2025 second extraordinary general meeting (EGM) on Wednesday, December 31, 2025, to consider these proposals. The H Shares register of members will close from December 24, 2025, to December 31, 2025, during which no transfers will be effected. Shareholders registered by December 24, 2025, are eligible to attend and vote at the EGM.