Guosen Securities revokes board of supervisors, announces director changes

Guosen Securities Co., Ltd. has initiated major changes to its governance structure. The company decided to revoke its board of supervisors, a resolution approved at the second extraordinary general meeting of shareholders on September 15, 2025. This change aligns with the revised "Company Law of the People's Republic of China" and the "Guidelines for the Articles of Association of Listed Companies."

The company also reported a change of more than one-third of its board of directors since January 1, 2025. Director Liu Xiaola resigned on July 10, 2025. Independent director Zhang Rui was removed from her position on July 28, 2025, due to repeated absences from board meetings. The company has appointed Hu Hao as a non-independent director, Li Ming as an employee director, and Yi Longxin and Zhang Shouwen as independent directors, effective between July 28, 2025, and September 15, 2025.

The new appointments are compliant with the "Company Law of the People's Republic of China" and the company's articles of association. Entrusted managers China Galaxy Securities, Ping An Securities, and Guotai Haitong Securities confirm these changes are normal business operations and do not adversely affect the company's governance, daily management, production, operation, or debt-servicing capability.