KingClean Electric streamlines governance, plans shareholder vote

KingClean Electric (SSE: 603355) is consolidating its governance structure by eliminating its supervisory board and transferring its responsibilities to the audit committee, according to recent board resolutions. Shareholders will vote on the proposed changes at an extraordinary general meeting scheduled for July 4th. The streamlining aims to improve efficiency and align with updated regulations, including the revised "Company Law." As part of the changes, several internal management systems, including those governing related-party transactions, external guarantees, major investments, and independent directors' roles, will be revised, with some requiring shareholder approval.