Hongyuan Lvneng shareholders back equity incentive, governance changes

Wuxi Shangji Automation, operating as Hongyuan Lvneng, announced that its 2025 first extraordinary general meeting of shareholders, held on September 23, 2025, approved several key proposals. These include the 2025 Restricted Stock Incentive Plan (Draft) and its implementation assessment management measures, as well as the 2025 Employee Stock Ownership Plan (Draft) and its management measures. The company also secured authorization for the board of directors to manage related matters for both plans, with all these special resolution items passing with over two-thirds of the votes.

Additionally, shareholders approved the cancellation of the supervisory board and amendments to the company's articles of association. Multiple revisions to the company's operational policies were also passed, encompassing shareholder meeting rules, board of directors meeting rules, external guarantee decision-making system, external investment management system, related-party transaction management system, and remuneration management system for directors and senior executives. Other approved revisions include the special storage and use management system for raised funds, independent director work system, cumulative voting system implementation rules, and online voting implementation rules for shareholder meetings.

The meeting saw 349 shareholders and proxies representing 315,770,172 shares, or 46.5036% of total voting shares, participate in a combination of on-site and online voting. The Beijing Zhide (Shanghai) Law Firm confirmed the legality and validity of the meeting's convening, procedures, and resolutions.