Ningbo Xusheng shareholders approve key governance and capital changes

Ningbo Xusheng Group Co., Ltd. held its first extraordinary general meeting of shareholders for 2025 on September 12, 2025, with 690 shareholders and proxies in attendance, representing 572,246,338 shares, or 60.6250% of the company's total voting shares. The meeting, chaired by chairman Xu Xudong, saw all proposed resolutions passed, reflecting strong shareholder support.

Key resolutions approved included amendments to the company's articles of association to change the registered capital and abolish the board of supervisors, which garnered 99.7927% of votes in favor. Other significant approvals included revisions to the "Shareholders' Meeting Rules," "Board of Directors Meeting Rules," "Independent Directors Work Guidelines," "External Guarantee Management System," "Related Party Transaction Management System," "Fundraising Management System," "Prevention of Controlling Shareholders and Related Parties from Occupying Company Funds Management System," and "External Investment Management System." These were all passed with high approval rates, generally exceeding 99% of the voting shares.

The resolutions concerning the change in registered capital, the abolition of the board of supervisors, and the revisions to the Shareholders' Meeting Rules were considered special resolutions, requiring approval by more than two-thirds of the effective voting shares present, which they achieved. The remaining resolutions were ordinary resolutions, approved by more than half of the effective voting shares. Shanghai Guoling Law Firm confirmed the legality and validity of the meeting and its resolutions.