Wangfujing Group revises articles, outlining governance and profit distribution updates

Wangfujing Group Co., Ltd., established in 1994, has released a revised draft of its Articles of Association, detailing various updates to its operational framework. The company’s registered capital stands at 1,123,931,424 yuan, with a total of 1,123,931,424 ordinary shares. The revised articles clarify the company’s business objectives to "interpret commercial civilization, empower urban vitality, and create a wonderful life," focusing on commercial retail services with a goal of maximizing profits. The updated business scope includes sales of various goods such as unprocessed nuts, packaged foods, agricultural products, and medical devices, along with services like property leasing and technical consulting.

The amendments also address critical aspects of corporate governance, including the establishment of a Communist Party of China committee within the company to provide leadership in strategic direction and major decisions. Revisions specify the composition and responsibilities of the board of directors, including the number of directors (9 to 11, with 3 to 5 independent directors), and the appointment of the chairman and vice-chairman. Significant financial thresholds for board decisions are also defined, such as investment proposals exceeding 100,000,000 yuan.

Furthermore, the document outlines revised policies for profit distribution, emphasizing a fixed dividend payout ratio. If the company is profitable and has positive accumulated undistributed profits, cash dividends will be at least 10% of the current year's distributable profits, with cumulative cash dividends over three years being at least 30% of average distributable profits. Circumstances under which cash dividends may not be distributed are also detailed, such as non-standard audit opinions or significant investment plans.