Zhejiang Shibao updates governance, appoints new independent director Li Xingjian

Zhejiang Shibao Co., Ltd. held its eighth board of directors' ninth meeting on October 15, 2025, to approve amendments to its articles of association and related rules of procedure, along with other corporate governance changes. These revisions align with regulatory requirements and operational needs, including the addition of an employee director and an independent director, while abolishing the supervisory board's rules of procedure. The company will also adjust its "articles of association" and other internal governance documents, updating references to "shareholders' general meeting" to "shareholders' meeting."

The board also approved revisions to various corporate governance policies, including those for financial accounting information, major shareholder communication, management of director/supervisor/senior management shareholdings, and related party transactions. Notably, the "management system for raised funds" will be submitted as a special resolution at the first extraordinary general meeting in 2025. Additionally, Li Xingjian has been nominated as a new independent director, with his term commencing upon approval at the general meeting until the conclusion of the 2026 annual general meeting, with an annual remuneration of 60,000 yuan.

The first extraordinary general meeting for 2025 is scheduled for November 7, 2025, at 2:00 PM in Hangzhou, China, offering both in-person and online voting options for shareholders. These changes are part of a broader effort to enhance corporate governance and compliance.