Xinhu Zhongbao shareholders approve governance changes, director resigns

Xinhu Zhongbao Co., Ltd. held its fifth extraordinary general meeting of shareholders on December 15, 2025, in Hangzhou. Shareholders approved a series of crucial resolutions, including the cancellation of the supervisory board and corresponding amendments to the company's Articles of Association. This special resolution received over two-thirds of the votes from attending shareholders and proxies.

Other approved proposals include modifications to the Rules of Procedure for Shareholder Meetings and Board of Directors Meetings, revisions to the Independent Director Work System, and the establishment of a remuneration management system for directors and senior management. Additionally, amendments to the Management Measures for Raised Funds, External Guarantee Management System, and Connected Transaction Management System were passed.

In a related development, Mr. He Feng resigned from his position as a director and member of the audit committee, effective December 15, 2025, due to work-related reasons. The company confirmed that Mr. He Feng has no unfulfilled public commitments and has completed his handover process. Xinhu Zhongbao has already held a board meeting to elect a new member to the audit committee to ensure compliance with regulatory requirements.