China Merchants Securities to abolish supervisory board

China Merchants Securities Co. (SSE:600999) has scheduled its second extraordinary general meeting of shareholders for December 19, 2025, in Shenzhen to consider major amendments to its corporate governance framework. The key agenda item is the proposal to abolish the supervisory board, transferring its functions to the board of directors' audit committee. This restructuring aligns with the revised "Company Law" set to take effect on July 1, 2024, and mandates the company to complete the transition by January 1, 2026.

In conjunction with the supervisory board's abolition, the company plans to revise and repeal several foundational documents. These include amendments to the "Articles of Association of China Merchants Securities Co., Ltd.," "Rules of Procedure for the General Meeting of Shareholders of China Merchants Securities Co., Ltd.," and "Rules of Procedure for the Board of Directors of China Merchants Securities Co., Ltd." Other affected policies encompass those governing independent directors, external donations, related-party transactions, and capital raising. The "Rules of Procedure for the Supervisory Board of China Merchants Securities Co., Ltd." will be completely repealed.

Shareholders can participate in the meeting either in person or via an online voting system provided by the Shanghai Stock Exchange. The online voting window will be open on December 19, 2025, from 9:15-9:25, 9:30-11:30, and 13:00-15:00 for the trading system, and from 9:15-15:00 for the internet voting platform. The proposed changes aim to streamline governance and enhance operational efficiency in compliance with evolving regulatory standards.