Fuling Zhacai overhauls governance, eliminates supervisory board

Chongqing Fuling Zhacai Group announced on November 12, 2025, that it will cancel its supervisory board and revise its Articles of Association, effective November 11, 2025. This decision, approved during the Fifth Board of Directors' Thirty-Third Meeting and Fifth Supervisory Board's Twenty-Fifth Meeting, aligns with new regulations from the China Securities Regulatory Commission. The board's Audit and Risk Management Committee will now assume the supervisory board’s responsibilities.

As a result, supervisory board members Mr. Xiao Daobo, Mr. Chen Tong, and Ms. Zhang Wanhua have been relieved of their duties. Mr. Xiao Daobo, who holds 2,939,305 shares, will retire, while Mr. Chen Tong and Ms. Zhang Wanhua (who hold no shares) will continue in their respective roles within the company, with Ms. Zhang Wanhua serving as deputy minister of the Party-Mass Work Department. The company expressed gratitude for their contributions and will ensure their compliance with shareholding reduction regulations.

The company will also update 16 internal control systems and seek shareholder approval for 6 new management policies, including independent director, external guarantee, related-party transaction, and fundraising management. The amendments to the Articles of Association and internal control systems require approval at an extraordinary general meeting scheduled for November 28, 2025.