Hangzhou Boiler Group updates capital structure, governance

Hangzhou Boiler Group conducted its second extraordinary general meeting of shareholders on October 14, 2025, approving significant changes including a capital structure overhaul, an expanded business scope, and the elimination of the supervisory board, alongside revisions to its articles of association. Shareholders also ratified updates to several key management policies, such as the independent director and external guarantee systems, reflecting a proactive approach to corporate governance.

These shareholder decisions follow the sixth board of directors' twenty-ninth extraordinary meeting on October 14, 2025, which elected Wang Keifei as the company's representative for executive affairs and resolved to revise or formulate new management policies. The approved policies include frameworks for senior management stock transactions, information disclosure, and risk investment, aiming to enhance transparency and operational efficiency.

Notably, shareholders greenlit the conclusion of the company's fundraising project and the permanent allocation of surplus funds to working capital. All proposals received overwhelming support, including those from small and medium investors, ensuring the company’s strategic adjustments are in alignment with its operational and financial objectives.