Wintime Energy to revamp governance, abolish supervisory board

Wintime Energy's board of directors, in its 23rd meeting of the 12th session on October 11, 2025, approved a proposal to eliminate the supervisory board, transferring its functions to the board's audit committee. This restructuring necessitates extensive revisions to the company’s articles of association, as well as several related internal policies covering shareholder and board meeting rules, independent director roles, audit committee operations, and fundraising management. These changes, aimed at streamlining governance, are in accordance with updated regulatory guidelines from the China Securities Regulatory Commission and the Shanghai Stock Exchange.

The proposed amendments to the articles of association and related regulations, including those concerning the supervisory board's dissolution, require shareholder approval. To this end, Wintime Energy will convene its second extraordinary general meeting of 2025 on October 28, 2025, to deliberate on these key governance reforms. Shareholders will have the option to vote in person or via the online voting system.

All directors present voted in favor of the resolutions, marking a unanimous decision to advance these corporate governance enhancements. The full details of these revisions, including the updated articles of association and various amended and newly established internal policies, have been disclosed on the Shanghai Stock Exchange website.