Zhejiang China Commodities City Group to dissolve supervisory board, transfer functions

Zhejiang China Commodities City Group announced that its Ninth Supervisory Board held its seventeenth meeting on September 12, 2025, approving the proposal to dissolve the supervisory board and revise the company's articles of association. This decision, in accordance with the 2023 revised Company Law and 2025 revised Guiding Opinions on Articles of Association for Listed Companies, transfers the supervisory board’s functions to a new audit committee under the board of directors.

The audit committee will comprise three non-executive directors, including two independent directors. One of these independent directors, who will be an accounting professional, will act as the convener.

The proposal to dissolve the supervisory board and amend the articles of association will be submitted for approval at the 2025 third extraordinary general meeting of shareholders. Shareholders will vote on this matter on September 29, 2025, with both in-person and online voting options available. This change reflects a broader alignment with updated regulatory requirements, enhancing corporate governance by streamlining oversight responsibilities.