Xinjiang Zhongtai Chemical dissolves board of supervisors

Shenwan Hongyuan Securities Co. Ltd., acting as the bond trustee for "23 New Chemical K1" (bond code: 148437.SZ), issued a temporary trustee management report in October 2025 regarding Xinjiang Zhongtai Chemical Co. Ltd.'s decision to cancel its board of supervisors. This change, approved at the company's 30th meeting of the Eighth Board of Directors on September 29, 2025, aligns with various legal and regulatory frameworks, including company law and stock exchange rules.

The duties previously held by the board of supervisors will be undertaken by the board of directors' audit committee, reflecting a revision of the company's articles of association. Shenwan Hongyuan Securities, after communicating with Xinjiang Zhongtai Chemical, stated that this organizational adjustment is a normal change and is not expected to significantly impact the issuer's corporate governance, daily operations, or debt repayment capabilities.

Shenwan Hongyuan Securities will continue to monitor other matters that may materially affect bondholders' interests and will fulfill its responsibilities as the bond trustee in accordance with applicable regulations and agreements. The "23 New Chemical K1" bond has an issuance size of 600m yuan, a 5-year term, and features issuer redemption options and investor put options at the end of the second and fourth years. Its coupon rate for the first two years is 4.28%.