Yuyuan Tourist Mart announces share pledge, governance changes, auditor update

Shanghai Yuyuan Tourist Mart Group announced that its controlling shareholder, Fosun High-Tech, has released and subsequently pledged 74,570,000 shares, representing 1.92% of the company's total share capital. After these transactions, Fosun High-Tech’s cumulative pledged shares amount to 74,570,000. Its total shareholding (including that of its concerted parties) stands at 2,409,720,644 shares, with 1,628,053,885 shares remaining pledged. Fosun High-Tech anticipates RMB 53,478m in financing will be due within the next six months and RMB 106,278m within the next year.

The company is also undertaking significant corporate governance revisions. Effective July 1, 2024, with the implementation of the new Company Law, the supervisory board will be abolished. Its functions will be absorbed by the board of directors' audit and financial committee. This change necessitates amendments to the company's Articles of Association and other internal policies. The registered capital will be adjusted from RMB 3,894,331,613 to RMB 3,892,458,273 following share repurchases and restricted stock grants.

Furthermore, Shanghai Yuyuan Tourist Mart Group announced a change in its signing auditors for the 2025 annual report and internal control audit. Due to internal adjustments at L.S.H. CPA, Mr. Fu Yunhai and Mr. Xie Zhiwei will be replaced by Mr. Zhang Xiaorong and Mr. Zhang Wei. Both new auditors have prior experience with listed companies, with Mr. Zhang Xiaorong having received one administrative penalty and Mr. Zhang Wei one administrative supervision measure within the last three years.