Kunlun Tech adjusts capital, appoints new independent director

Beijing Kunlun Tech has announced an increase in its registered capital from RMB 123,149.5054 million to RMB 125,535.6953 million, with a corresponding adjustment to its total share capital. This change stems from the vesting of restricted shares for equity incentive beneficiaries and necessitates amendments to the company's Articles of Association. The proposal awaits approval at the second extraordinary general meeting in 2025.

Concurrently, independent director Li Donghong has resigned due to personal work reasons. To maintain the required number of independent directors, the board has nominated Ms. Wu Rui, a doctor of business administration and associate professor, as a new independent director candidate. Ms. Wu Rui will also serve as chair of the Remuneration and Appraisal Committee and a member of the Audit Committee. Her appointment is subject to shareholder approval and Shenzhen Stock Exchange review.

In a related development, Kunlun Tech will provide a joint liability guarantee of up to RMB 50 million for its controlling subsidiaries, Kunlun Tiangong Technology Co., Ltd. and Beijing Tiangong Smart Technology Co., Ltd., for bank credit facilities. This guarantee aims to support the subsidiaries' operational development and ensure sufficient working capital. As of the announcement date, the company's total external guarantees amount to RMB 229.9986 million.