Ningbo Marine controlling shareholder group boosts stake, overhauls governance

Ningbo Marine Company Limited announced that Zhejiang Zheneng Fuel Group Co., Ltd., a concerted party of the controlling shareholder, has acquired 810,000 shares since April 10, 2025. This represents 0.07% of the total share capital, costing 2.3631 million yuan, and marks the halfway point of their plan to increase holdings by up to 2% of the company’s total equity. The group will continue to selectively increase its stake.

In a related move, Ningbo Marine’s board of directors has approved a proposal to abolish the supervisory board, transferring its duties to the board's audit committee. This change, along with other revisions to the articles of association and several governance policies, aligns with the updated "Company Law of the People's Republic of China" (2023 Revision) and regulatory guidelines. These changes are subject to shareholder approval at a general meeting on October 28, 2025.

The governance updates also include the nomination of Mr. Wang Jingyi as a new director, revisions to shareholder and board meeting rules, and adjustments to policies concerning external guarantees, related party transactions, and fundraising management. These updates aim to enhance corporate governance and ensure compliance.