Shandong Xinchao faces shareholder push for board overhaul

** A consortium of shareholders, including Shenzhen Hongyu Business Consulting, Chen Kaijun, Song Juan, Wang Zhen, Ningbo Guojin Sunshine Equity Investment Center, and Inner Mongolia Borna Cheng Private Equity Fund Management, collectively holding over 14.99% of shares, are pressing Shandong Xinchao Energy Corporation (SSE:600777) to convene an extraordinary general meeting to address board composition, citing delayed annual reporting and significant changes to the company's equity structure. The shareholders are proposing a slate of candidates for both the board of directors and the supervisory board. The current board has rejected this request, stating that the shareholders should submit specific proposals. Despite this, the shareholder group is moving forward with plans to convene the meeting on July 24, 2025. Legal opinions support their right to do so.