Haitian Flavouring & Food plans corporate governance overhaul

Foshan Haitian Flavouring & Food Co., Ltd. has initiated a significant corporate governance update, proposing revisions to its articles of association, rules for shareholder and board meetings, and other key policies. These changes follow the company's H-share listing on the Hong Kong Stock Exchange and aim to align with updated regulations and improve operational efficiency. The proposed amendments include adjusting the company’s registered capital to RMB585,182.4944 and restructuring the supervisory board's responsibilities, assigning them to the board's audit committee.

A key component of the overhaul is the establishment of a 2025 A-share employee stock ownership plan, which involves repurchasing 5,000,000 shares at RMB36.87 per share, totaling RMB184.35m. The plan aims to strengthen incentive mechanisms for core management and employees, fostering long-term development. Participants, totaling no more than 800 individuals, will be eligible based on performance and contribution, with a 24-month lock-up period for the shares.

The company will hold its first extraordinary general meeting of 2025 on September 25, 2025, to seek shareholder approval for these proposals. Key management personnel are expected to abstain from voting on matters related to the employee stock ownership plan due to their participation as beneficiaries.