Wuchan Zhongda Group to overhaul governance with board changes

Wuchan Zhongda Group announced that its board of directors approved the cancellation of the board of supervisors and corresponding amendments to the articles of association. The statutory duties of the board of supervisors will be transferred to a new audit committee under the board. These changes, effective after shareholder approval at an extraordinary general meeting on December 26, 2025, aim to align the company's governance with new regulatory guidelines. The revised articles of association will also reduce the total number of directors from 10 to 9, with independent directors decreasing from 4 to 3.

Independent director Cao Maoxi resigned from the board, effective upon shareholder approval of the board of supervisors' cancellation and the revised articles of association. The board also approved adjustments to the company's investment management system, related party transaction rules, and external guarantee procedures. These adjustments include revised thresholds for investment and guarantee approvals, requiring increased oversight for substantial transactions, ensuring stricter adherence to internal controls and regulatory requirements.