Baotou Steel Union announces governance changes, cancels supervisory board

Inner Mongolia Baotou Steel Union Co., Ltd. announced key corporate governance updates following its Seventh Board of Directors’ Fortieth Meeting on December 10, 2025. The company will re-appoint Beijing Xinghua Certified Public Accountants (Special General Partnership) as its financial and internal control auditor for the 2025 fiscal year, with an audit fee of RMB 2.8 million.

Additionally, the company will cancel its supervisory board, transferring its functions to the board's audit committee. It will also amend its Articles of Association, Shareholders’ Meeting Rules, and Board of Directors’ Meeting Rules to comply with the new Company Law. These amendments will revise provisions related to the legal representative, share issuance, shareholder and board responsibilities, and remove all supervisory board-related content.

In a related development, Mr. Han Peixin will no longer serve as a company director or a member of the Board Strategy and ESG Committee due to work adjustments. Mr. Yu Yingwu has been nominated by the controlling shareholder, Baogang Group, as a non-independent director candidate for the Seventh Board, with his term effective from the date of shareholder approval. The company will hold its fourth extraordinary general meeting of shareholders on December 26, 2025, to approve these proposals.