Zhejiang China Commodities City Group to abolish supervisory board

Zhejiang China Commodities City Group Co., Ltd. will hold its third extraordinary general meeting of shareholders on September 29, 2025, to deliberate on a proposal to abolish the supervisory board. This change aims to comply with requirements from the Company Law of the People's Republic of China (2023 revision) and the Guidance for Articles of Association of Listed Companies (2025 revision). The board of directors' audit committee will assume the responsibilities previously held by the supervisory board. Concurrently, the company will revise its articles of association, with the full amended text available on the Shanghai Stock Exchange website as of September 13, 2025.

Key amendments include changes to the company's legal representative, share acquisition and capital increase methods, and the responsibilities of the audit committee. For example, the legal representative's resignation is now deemed to include resignation as the legal representative. The company's business scope will be clarified, and new regulations on capital increases will allow for targeted and non-targeted share issuances. The audit committee, whose members will be non-executive directors, will now be responsible for supervising external audit work, assessing internal control, and reviewing financial information.

Further revisions detail shareholder rights, the process for shareholder meetings, and the composition and responsibilities of the board of directors and various specialized committees, including the strategy and ESG committee, nomination committee, and compensation and assessment committee. The company will also adjust provisions related to profit distribution and the handling of related-party transactions, ensuring compliance with updated legal and regulatory frameworks.