Hisense Visual streamlines governance, ends joint venture plans

Hisense Visual Technology (SSE:600060) will implement changes to its Articles of Association and eliminate its Board of Supervisors, transferring relevant functions to the audit committee under the Board of Directors, and has cancelled plans by its subsidiary, Qainzhao Optoelectronics to launch a joint investment. As detailed in its announcement regarding the amendment of the Articles of Association and the cancellation of the Board of Supervisors, the company is aligning with updated regulatory guidelines and optimizing its governance structure. Meanwhile, Qainzhao Optoelectronics will terminate its proposed joint investment with related parties to establish Shenzhen Qianyuan Optoelectronics Industry Investment Partnership (Limited Partnership). Qainzhao Optoelectronics will also recoup its initial investment of CNY 100 million. Hisense Visual stated the decision was prompted by shifting financing needs at the intended investee, Xiamen Unigin Optoelectronics Technology, and reflects a cautious approach to capital deployment, and will not affect the company's operations or financials.