China Fortune Land Development to cut board, adjust capital

China Fortune Land Development (CFLD) announced plans to eliminate its supervisory board, transferring its responsibilities to the board's audit committee. This aims to enhance governance and protect investor interests, as detailed in its December 16, 2025, filing (Announcement No. 2025-079). This restructuring, along with revisions to the company's articles of association and rules of procedure, seeks to streamline operations and align with updated regulatory guidelines.

The changes include an adjustment to the company's registered capital, which will decrease from yuan 3,914,381,782 to yuan 3,913,720,342 due to the cancellation of 661,440 restricted shares. All proposed amendments will be put to a vote at an extraordinary general meeting on December 31, 2025.

The board of directors approved these resolutions with seven votes in favor, zero against, and one abstention. The abstaining director agreed with the supervisory board's functions being transferred but requested further review of other proposed revisions.