Jiangsu Wujin Stainless Steel streamlines governance, abolishes supervisory board

Jiangsu Wujin Stainless Steel Co., Ltd. announced its second extraordinary general meeting of shareholders on September 25, 2025, approved the abolition of its supervisory board and amendments to the company's articles of association and related policies. This move aligns with new legal and regulatory requirements, including the "Company Law of the People's Republic of China" effective July 1, 2024, aiming to enhance corporate governance and operational efficiency. The functions of the former supervisory board will now be absorbed by the board of directors' audit committee.

The resolution passed with 95.3462% of votes from shareholders present. For small and medium-sized investors, 84.7482% of shares supported the measure. This change, which also concludes the term of the fifth supervisory board, is not expected to adversely affect the company's daily operations, business, or debt-paying ability, as confirmed by both the legal opinion and the bond trustee.

Guotai Haitong Securities, acting as the bond trustee for Jiangsu Wujin Stainless Steel's convertible bonds, issued an ad-hoc report to inform investors about the cancellation of the supervisory board, confirming the company's compliance with the bond prospectus and related agreements. The company's convertible bonds were issued for a total of CNY 310,000,000.00 and are set to mature on July 9, 2029.