Shanghai Waigaoqiao to overhaul governance, amend articles of association

Shanghai Waigaoqiao Free Trade Zone United Development announced on December 12, 2025, that its board of directors approved a proposal to cancel the supervisory board and amend the company's articles of association. This decision aligns with the "Company Law (2023 Revision)" and "Guidelines for Articles of Association of Listed Companies (2025 Revision)," delegating the supervisory board's legal functions to the board's audit committee. The company will also abolish its "Supervisory Board Rules of Procedure."

The company will hold its 2025 Second Extraordinary General Meeting of Shareholders on December 29, 2025. During this meeting, shareholders will vote on the cancellation of the supervisory board and related amendments to the articles of association, as well as the election of two new directors to the eleventh board of directors. The proposed director candidates, Hu Jun and Zhang Xu, were nominated by Shanghai Infrastructure Construction Development (Group) Co., Ltd. and China Galaxy Asset Management Co., Ltd., respectively.

The company's board also approved adjustments to the organizational structure and departmental functions of its real estate business unit. The articles of association amendments reflect these changes, updating provisions related to shareholder rights, board responsibilities, and internal governance. The revised articles of association will come into effect upon approval by the shareholders' meeting and subsequent public disclosure.