Hangzhou First shareholders approve key governance changes, abolish supervisory board

Hangzhou First Applied Material Co., Ltd. held its third extraordinary general meeting of shareholders for 2025 on September 16, 2025, in Hangzhou. Chairman Lin Jianhua chaired the meeting, which saw 757 shareholders and proxies representing 1,710,805,112 shares, or 65.6487% of total voting shares, participate. All proposed resolutions were passed.

A key resolution involved the abolition of the supervisory board and corresponding amendments to the company's articles of association. This special resolution passed with 97.9633% of A-share votes in favor (1,675,961,167 shares) and 36.2594% of votes from shareholders holding less than 5% of shares (34,514,902 shares). Additionally, amendments to the "Rules of Procedure for Shareholder Meetings" and "Rules of Procedure for Board Meetings," as well as the "External Guarantee Management System," were approved.

The meeting also included the election of Mr. Zhou Huanqing as a non-independent director for the sixth board of directors. This ordinary resolution passed with 98.5837% of A-share votes in favor (1,686,575,510 shares). The resolutions were confirmed to be in compliance with legal and regulatory requirements by Zhejiang Tiance Law Firm.