Western Securities: Board re-election, supervisory board abolished

Western Securities, in an announcement by Orient Securities, has disclosed a re-election of its board of directors. The sixth board of directors’ 23rd meeting approved Ms. Xu Zhaohui, Mr. Jia Xu, Ms. Liu Ying, Mr. He Fei, Mr. Zhu Xiaofeng, and Mr. Jiang Jiazhi as non-independent director candidates for the seventh board. Mr. Zhang Bojiang, Mr. Huang Bin, Mr. Yi Ke, and Mr. Ma Xufei were approved as independent director candidates, with Mr. Huang Bin specializing in accounting. These changes, following the expiration of the previous board's term, are not expected to negatively impact company governance, operations, or debt repayment capacity.

Additionally, Western Securities' sixth supervisory board’s 16th meeting announced the company will no longer have a supervisory board. Its responsibilities will transition to the board of directors’ audit committee. This adjustment, effective upon shareholder approval of the revised articles of association, is intended to streamline governance and maintain operational continuity. The decision aligns with the Company Law and other regulatory provisions and is not anticipated to have adverse effects on company operations or debt repayment.

Guoyuan Securities also released a temporary entrusted management report for Western Securities' company bonds, including multiple issuances from 2024 and 2025. These issuances, totaling over RMB 70 bn, have three-year terms and do not include put options. Guoyuan Securities, as the bond trustee, will continue to monitor these developments to safeguard bondholder interests.