Xinhu Zhongbao board approves governance overhaul and EGM for shareholder vote

Xinhu Zhongbao's board of directors, at its eighteenth meeting of the twelfth session on November 28, 2025, approved a major overhaul of its corporate governance. The key resolution involves the abolition of the supervisory board, with its duties to be transferred to the board's audit committee. This change necessitates extensive revisions to the company’s articles of association, aligning them with the latest PRC company law, securities law, and Shanghai Stock Exchange regulations. Shareholder approval at the extraordinary general meeting is required for these changes.

Concurrently, the board approved 23 sub-proposals related to the formulation and amendment of various corporate governance policies. These include updated rules for shareholder meetings, board meetings, independent director functions, and several other internal management systems covering disclosure, financial management, external investments, and related party transactions. These revisions are designed to enhance the company's operational efficiency and strengthen its governance framework.

The board also resolved to convene the Fifth Extraordinary General Meeting of 2025 on December 15, 2025, to seek shareholder approval for these proposed changes. The meeting will be held physically in Hangzhou and via online voting through the Shanghai Stock Exchange network. Key proposals for shareholder consideration include the abolition of the supervisory board and amendments to the articles of association, external investment management, and related party transaction management.