Zhejiang Wanliyang revises governance, guarantee, and disclosure policies

Zhejiang Wanliyang has approved several key revisions to its corporate governance, effective November 2025. These include updates to the company's articles of association, shareholder meeting rules, board of directors meeting rules, and related party transaction system. The board of supervisors' functions will now be handled by the audit committee, with all related references to "board of supervisors" and "supervisors" removed.

The company also updated its external guarantee system and fundraising management measures to enhance risk control and operational efficiency. The external guarantee system stipulates that all external guarantees must be approved by the board or shareholders, with specific thresholds requiring shareholder approval, such as single guarantees exceeding 10% of net assets or total guarantees exceeding 50% of net assets.

Additionally, Zhejiang Wanliyang provided a guarantee of 88 million yuan for its associate, Zhejiang Wanliyang Energy Technology Co., Ltd., valid until November 16, 2028. This follows a previous shareholder approval for a total guarantee limit of 100 million yuan for the associate. The company also announced the resignation of director Hu Chunrong and the nomination of Huang Zheyu as a non-independent director candidate, pending shareholder approval.