Haier Biomedical proposes capital reduction, governance changes

Qingdao Haier Biomedical will convene its first extraordinary general meeting of shareholders on November 17, 2025, to address key corporate changes. The agenda includes a proposal to alter the use of repurchased shares from an employee stock ownership plan or equity incentive to cancellation, thereby reducing the company's registered capital. This change will decrease the company's total share capital from 317,952,508 shares to 316,492,922 shares, aiming to enhance per-share earnings and shareholder returns.

Furthermore, the company plans to abolish its supervisory board, transferring its responsibilities to the board of directors' audit committee. This move aligns with updated corporate law and aims to streamline corporate governance. Concurrently, the company will amend its articles of association to reflect these changes in registered capital and organizational structure, and will proceed with the necessary industrial and commercial registration.

Shareholders will also vote on revising several corporate governance policies and electing Mr. Hu Xiangde as a non-independent director to the third board of directors, a nomination made by Qingdao Jiushi Investment Management Co., Ltd. These proposals have been approved by the board of directors and the supervisory board on October 30, 2025.