Songyang shareholders approve sale of subsidiary stake

Guangdong Songyang Recycle Resources Co., Ltd. held its first extraordinary general meeting of shareholders for 2025 on December 2, 2025, where the proposal to publicly transfer 100% equity in its subsidiary, Songyang New Materials, was approved. The meeting, convened by the board of directors and chaired by chairman Wang Zhuangjia, saw 213 shareholders and proxies in attendance, representing 9,627,900 shares, or 4.7296% of the company's total voting shares of 203,565,000 shares. All seven directors and three supervisors were present.

The resolution passed with significant shareholder support. Of the votes cast, 9,438,400 shares (98.0317%) voted in favor, 140,300 shares (1.4572%) voted against, and 49,200 shares (0.5111%) abstained. Specifically, for the sub-group of shareholders holding less than 5% of the shares, 2,655,900 shares (93.3401%) voted in favor, 140,300 shares (4.9307%) voted against, and 49,200 shares (1.7292%) abstained.

The resolution, requiring a special majority, was approved by more than two-thirds of the voting shares held by shareholders present at the meeting. Beijing Kangda Law Firm, represented by lawyers Chen Mingjian and Ding Zezheng, confirmed that the meeting's convening, procedures, and resolutions were in full compliance with relevant laws and regulations.