China Tourism Group Duty Free implements governance changes, shareholders approve resolutions

China Tourism Group Duty Free Corporation Limited (SSE:601888) held its first extraordinary general meeting, A-share class meeting, and H-share class meeting of shareholders in 2025 on November 24, 2025, in Beijing. A key resolution passed was the abolition of the supervisory board, with its functions to be transferred to the Audit and Risk Management Committee, and the corresponding amendment of the company’s articles of association.

Shareholders also approved revisions to the "Rules of Procedure for General Meetings of Shareholders" and "Rules of Procedure for Board Meetings." Additionally, proposals concerning general mandates for the board to issue and repurchase shares, revisions to the "Independent Director System," and the 2025 first three-quarter profit distribution plan were approved. These approvals reflect changes to align with updated legal and regulatory requirements.

Resolutions regarding the general mandate to repurchase shares were specifically passed by A-share and H-share class meetings. All special resolutions, including the cancellation of the supervisory board and general mandates for share issuance and repurchase, received over two-thirds of the votes from shareholders.