Shanghai Tunnel Engineering announces board transition, financing initiative

Shanghai Tunnel Engineering Co., Ltd. announced resolutions from its Tenth Board of Directors' 51st meeting, held via communication on October 14, 2025. All eight directors attended and unanimously approved all proposals. A significant resolution involved the upcoming election for the Eleventh Board of Directors, as the current board's three-year term concludes in January 2025. The new nine-member board will comprise three independent directors, one employee director, and five shareholder-recommended directors. Mr. Ge Yihong and Mr. Liu Chunjie were nominated as director candidates by Shanghai Urban Construction (Group) Co., Ltd.

The board also approved the convening of the first extraordinary general meeting in 2025 to vote on the Tenth Board of Directors' work report and the board election. Additionally, the company's subsidiary, Shanghai Shengyuan Commercial Factoring Co., Ltd., received approval to apply for a shelf ABS issuance of up to 3 bn yuan.

Other approved resolutions included the Tenth Board of Directors' work report, which will be submitted to the shareholders' meeting, and the implementation plan for the 2025-2026 salary decision mechanism reform.