Huaibei Mining to issue mid-term notes, revamp governance

Huaibei Mining Holdings Co., Ltd. is seeking shareholder approval for the issuance of mid-term notes totaling up to 2 billion yuan. The notes will have a maximum term of 15 years, with specific issuance details and timing to be determined by market conditions. Funds raised are intended for debt restructuring, working capital, project construction, and other permitted uses, aiming to optimize the company's debt structure and reduce financial costs.

In a major corporate governance overhaul, the company plans to abolish its Supervisory Board, transferring its responsibilities to the Board of Directors' Audit Committee. This change necessitates extensive revisions to the Company's Articles of Association, affecting various clauses related to shareholder rights, board structure, and management responsibilities. The amendments also introduce new sections detailing the roles of the controlling shareholder, actual controller, and independent directors.

Additionally, the company will conduct a by-election for a non-independent director, with Mr. Zhou Eryuan nominated to fill the vacancy left by Mr. Ge Chungui, who is retiring. These proposals, approved by the Tenth Board of Directors at its sixth meeting, will be presented for shareholder review and approval at the First Extraordinary General Meeting of Shareholders in 2025.