Xinyu Iron & Steel overhauls governance, targets higher returns

Xinyu Iron & Steel Company Limited will hold its third extraordinary general meeting of shareholders on September 8, 2025, to approve several key proposals. A major agenda item is the abolition of the supervisory board and the repeal of its rules, aligning with new company law requirements effective from July 1, 2024. The board's audit and risk committee will assume the supervisory board's responsibilities.

The company also plans to amend its Articles of Association, including a change in the composition of its board of directors from entirely shareholder-elected to eight shareholder-elected and one employee-elected member. Xinyu Iron & Steel will update its Articles of Association, Shareholder Meeting Rules, Board of Directors Meeting Rules, Independent Director Work System, and Remuneration Management System for Directors and Senior Management to reflect current legal and regulatory standards.

Additionally, the company intends to utilize up to CNY 3 billion of idle funds to purchase wealth management products from commercial banks, their wealth management subsidiaries, and other financial institutions. This initiative aims to enhance capital efficiency and increase investment returns, with each product's investment period not exceeding one year. This decision follows a capital increase of CNY 36,890,000.00 from a restricted stock issuance, raising the registered capital to CNY 3,182,542,149.00.