Ginlong Technologies reduces capital, adjusts board amid share buyback

Ningbo Ginlong Technologies announced a reduction in registered capital following the repurchase and cancellation of 55,600 restricted shares from its 2023 incentive plan. Approved on November 24, 2025, the move addresses nine former employees who no longer qualify for the incentive. This action will decrease the company's registered capital from 398,113,845 yuan to 398,058,245 yuan. Creditors have 45 days from the announcement date to request debt repayment or guarantees.

Concurrently, the company passed a resolution to adjust its board structure, including establishing a worker representative director. Ms. Zhang Chan resigned as a non-independent director but was subsequently elected as the worker representative director, maintaining the board's seven-member composition. She also holds various other positions within the company and its subsidiaries.

These changes were approved during the third extraordinary general meeting on November 24, 2025, which also included revisions to several corporate governance policies, such as the articles of association, shareholder meeting rules, board meeting rules, and regulations concerning auditor selection, independent director work, related-party transactions, external guarantees, and fundraising. All proposals received overwhelming support, including more than two-thirds of the valid votes from shareholders and their representatives.