Shenzhen Overseas Chinese Town announces leadership changes, governance reforms

Shenzhen Overseas Chinese Town announced the departures of its chairman, Zhang Zhenggao, and vice chairman and president, Liu Fengxi. Zhang Zhenggao retired, while Liu Fengxi resigned due to job relocation. Neither held company shares. The board elected Wu Bingqi as the new chairman, who will also temporarily assume the president's duties.

These leadership changes coincide with significant governance reforms approved at the first extraordinary general meeting of 2025. Shareholders approved the revision of the company's articles of association to abolish the supervisory board, transferring its functions to the board's audit committee. Other approved revisions include updates to the shareholder meeting rules and independent director system, and the election of Wu Bingqi as a non-independent director. These changes ensure the company's governance structure aligns with legal requirements and the newly revised articles.