Xiamen Tungsten adjusts related party transactions, appoints new director

Xiamen Tungsten will hold its third extraordinary general meeting of shareholders in 2025 on December 15 to discuss several key proposals. A major agenda item includes the adjustment of 2025 daily related party transaction forecasts, which will see a net reduction of CNY 19,015 million, lowering the adjusted forecast to CNY 245,112 million. This change follows Xiamen Tungmen’s non-proportional capital increase in Xiamen Tungsten Motor Industry Co., Ltd., bringing it and its subsidiaries into Xiamen Tungsten's consolidated financial statements. Additionally, new related party transactions with Xiamen Laizefeng Technology Co., Ltd. and Xiamen Chijin Xiamen Tungsten Metal Resources Co., Ltd. for asset leasing and services were introduced, totaling CNY 46 million and CNY 6 million, respectively.

The company is also addressing a passive external guarantee issue arising from the capital increase in Xiamen Tungsten Motor. The original anti-guarantee agreements will be terminated, with Xiamen Tungsten Motor continuing to provide a full joint liability guarantee of up to CNY 10,018 million for Xiamen Shituo Yuneng Technology Co., Ltd. Additionally, Xiamen Tungsten proposes to amend its articles of association to adjust its business scope, removing "real estate development and operation."

In a leadership change, Wang Yuzhen has been nominated as a non-independent director for the tenth board of directors, following the resignation of Wang Dan due to work adjustments. Wang Yuzhen brings a master's degree and extensive experience in financial securities from previous roles, including at China Tungsten High-Tech Materials Co., Ltd.