Huada Automotive Technology announces board re-election, governance changes

Huada Automotive Technology Corp. (SSE:603358) announced the re-election of its fifth board of directors, increasing the board size from 11 to 12 members. This will include eight non-independent directors (one employee representative) and four independent directors. This change, approved on October 29, 2025, requires shareholder approval at the second extraordinary general meeting of 2025, scheduled for November 18, 2025. The company will also hold a general meeting to approve a change in company name and several amendments to its corporate governance, including revisions to the articles of association and various internal management systems.

In conjunction with the board re-election, the company is proposing to abolish its supervisory board, transferring its functions to the board's audit committee. This decision, approved by the supervisory board on October 29, 2025, underscores a broader overhaul of internal controls, information disclosure, and investor relations management, as detailed in several updated policies. The changes aim to enhance corporate governance, improve operational efficiency, and strengthen investor confidence.

The proposed revisions include new frameworks for information disclosure, insider trading prevention, investor relations, and market value management, with a strong emphasis on transparency, compliance, and timely reporting of significant events. The new policies also outline rigorous procedures for internal reporting, risk assessment, and the handling of sensitive information, ensuring strict adherence to regulatory standards.