Zhejiang Satellite Petrochemical reappoints auditor, updates governance amidst board approvals

Zhejiang Satellite Petrochemical announced the reappointment of Tianjian Certified Public Accountants (Special General Partnership) as its auditor for the 2025 financial year. This decision, approved by the board of directors on October 24, 2025, follows a thorough review of Tianjian's qualifications, professional capabilities, and independence by the company's audit committee. Tianjian’s 2024 audit fees amounted to RMB1.7 million, comprising RMB1.3 million for financial audit and RMB0.4 million for internal control audit.

The reappointment coincides with the board’s approval of significant amendments to the company’s articles of association, the rules of procedure for shareholder meetings, and the rules of procedure for board of directors meetings. These revisions, which include updates to governance and operational procedures, are subject to final approval by the market regulatory authority. The board also approved the third-quarter report for 2025 and revisions to the audit committee's work rules.

The company's board highlighted Tianjian’s robust investor protection capabilities, including over 200 million yuan in cumulative professional risk funds and professional insurance. Despite facing civil lawsuits related to past engagements, Tianjian has fulfilled its judgments, ensuring no adverse impact on its ability to perform. These actions underscore Zhejiang Satellite Petrochemical’s commitment to strong corporate governance and transparent financial reporting.