Guangdong Hongtu Technology revamps governance, abolishes supervisory board

Guangdong Hongtu Technology Holdings announced a comprehensive revision of its Articles of Association, effective July 1, 2024, in compliance with updated regulatory frameworks. A key change is the elimination of the supervisory board, with its functions to be absorbed by the board of directors' audit committee. The company will also establish a worker representative director, maintaining the board at 11 members. The "Supervisory Board Rules of Procedure" will be abolished upon the amendments' effectiveness.

These revisions aim to align the company’s governance with the "Company Law of the People's Republic of China" and other recent regulatory updates. Prior to the approval of these amendments by the shareholders' meeting, the supervisory board and its members will continue to fulfill their duties to ensure normal company operations.

The amendments also include renaming "Shareholder General Meeting" to "Shareholders' Meeting" and refining procedures for capital increases, share buybacks, and external guarantees. Notably, the revised articles stipulate that shareholders owning shares acquired in violation of the "Securities Law" will not be able to exercise voting rights for 36 months for the non-compliant portion of shares.