Flat Glass Group to use idle funds, revises governance structure

Cathay Haitong Securities verified Flat Glass Group's proposal to use up to 60,000,000 yuan of idle raised funds to temporarily supplement working capital for a period not exceeding 12 months, with the funds to be returned to the dedicated account upon maturity. This decision, approved by the board of directors on November 27, 2025, aims to enhance fund utilization and reduce financial costs.

Concurrently, Flat Glass Group plans to hold its first extraordinary general meeting of 2025 on December 9, 2025, to approve significant revisions to its corporate governance structure. These revisions include changes to the company's registered capital, the abolition of the supervisory board, and corresponding amendments to the articles of association and other governance documents. The supervisory board's functions will be transferred to the board's audit committee.

The company will also establish a new dedicated bank account for the idle funds and enter into a supervisory agreement, further outlining its commitment to regulatory compliance and efficient financial management. These changes reflect the company's efforts to align with updated legal and regulatory requirements.