CMST Development completes board refresh, appoints new leadership

CMST Development held its 2025 first extraordinary general meeting on November 14, 2025. Shareholders approved several key proposals, including the cancellation of the supervisory board and revisions to the company's articles of association. The meeting saw 425 shareholders attend, representing 1,066,380,307 shares or 49.1401% of total voting shares. All proposals were approved, with the resolution to cancel the supervisory board passing as a special resolution.

Immediately following the general meeting, the company’s tenth board of directors held its first meeting. Mr. Fang Yongbin was elected chairman for a three-year term. The board also appointed Mr. Wang Haibin as general manager, and Mr. Xue Bin, Mr. Deng Yushan, Mr. Wang Yong, and Mr. Yang Biao as deputy general managers. Mr. Wu Kai was appointed chief accountant, Mr. Xue Bin as board secretary, and Ms. Zheng JiaZhen as securities affairs representative, all for three-year terms.

The newly constituted tenth board includes five non-independent directors, three independent directors, and one employee representative director. Several committees were formed, with Mr. Fang Yongbin leading the strategy and investment management committee, and Mr. Zhang Qiusheng leading the audit and risk management committee. The company also confirmed the departure of independent directors Mr. Ma Yide and Mr. Zhang Jianwei, and the former supervisory board members, following the board refresh.