Shanghai Daimay proposes governance overhaul, capital restructuring

Shanghai Daimay Automotive Interior (SSE:603730) has announced its first extraordinary general meeting for 2025, scheduled for September 15. Key proposals include the abolition of the supervisory board, a change in registered capital, and corresponding revisions to the company's Articles of Association. The company intends for the audit committee under the board of directors to assume the supervisory board's responsibilities, as per the new Company Law.

The proposed changes to the registered capital reflect recent adjustments due to convertible bond conversions and a dividend distribution. As of the latest update, the company's total share capital increased from 1,652,755,445 shares to 2,148,583,520 shares, and its registered capital rose from RMB1,652,755,445 to RMB2,148,583,520. These increases account for conversions of the "Daimay Convertible Bonds" and a 2024 profit distribution involving a cash dividend and a share bonus.

Additional agenda items include significant revisions to several key governance documents, such as the Rules of Procedure for the Shareholders' Meeting, the Rules of Procedure for the Board of Directors, the Independent Director Work Rules, and various management systems. All proposed amendments have been reviewed and approved by the company's sixth board of directors at its nineteenth meeting.