Cosco Shipping Holdings announces board changes, new non-executive director

Cosco Shipping Holdings Co. Ltd. announced a significant change to its board of directors, with Mr. Yu De tendering his resignation as a non-executive director and a member of the risk control committee, effective December 11, 2025. Mr. Yu cited a change in work arrangements as the reason for his departure, confirming no disagreement with the board and no other matters needing shareholder attention. The company expressed gratitude for his contributions. His resignation will not impact the statutory quorum of directors or the normal operations of the company.

In response to the vacancy, the board has nominated Mr. Wu Heng for election as a non-executive director. Mr. Wu, aged 49, currently serves as the general manager of the finance affairs department of SAIC Motor Corporation Limited and holds various other directorships and supervisory roles across several listed companies, including Bank of Chongqing Co. Ltd. and China Merchants Bank Co. Ltd. He possesses extensive experience in finance and management, holding a master's degree in management science and the professional title of senior accountant.

Mr. Wu’s appointment is subject to shareholder approval at the company's upcoming annual general meeting. If approved, his term will commence from the date of the resolution and will be in accordance with the company's regulations, subject to retirement and re-election. He will not receive remuneration for his role as a non-executive director, but the company will cover expenses incurred in the discharge of his duties.