Heilongjiang Agriculture to abolish supervisory board, amend articles

Heilongjiang Agriculture (SSE:600598) has approved the abolition of its supervisory board, with its functions to be absorbed by the board's audit committee. This decision, along with corresponding amendments to the articles of association, will take effect upon approval by the shareholders' meeting. This move aligns with recent revisions to company law and aims to streamline corporate governance. The company's current supervisors will be relieved of their duties as of the shareholders' meeting's approval.

The articles of association have been extensively revised, including changes to the company's legal representative, business scope, shareholder rights, and board procedures. Key amendments involve a shift from the chairman being the legal representative to the director executing company affairs. The business scope now includes specific agricultural activities such as grain and oilseed cultivation, livestock farming, and various agricultural services. Further changes define procedures for shareholder meetings, emphasizing network voting and disclosure requirements.

In a related development, the board approved a write-off of RMB 7.4m in debt owed by its wholly-owned subsidiary, Xinye Company, due to consecutive losses and insolvency. The company's semi-annual report for 2025 indicated operating revenue of RMB 3.01bn, with a net profit attributable to shareholders of RMB 984.4m. The shareholders' meeting to vote on these changes is scheduled for September 19, 2025.