Sidike proposes corporate governance overhaul, abolishing supervisory board

Jiangsu Sidike New Materials Science & Technology is set to implement substantial corporate governance reforms, highlighted by the proposed abolition of its supervisory board, with its functions to be absorbed by the board of directors' audit committee. These revisions aim to align with the latest legal and regulatory requirements from the China Securities Regulatory Commission and Shenzhen Stock Exchange. Changes include renaming "general manager" to "manager" and "deputy general manager" to "deputy manager" across all relevant documents.

The proposed amendments also clarify the roles and responsibilities of the board of directors and senior management, adjust share capital and dividend distribution rules, and refine procedures for related-party transactions and external guarantees. Additionally, the company is seeking to change its annual auditor to Zhonghuan Certified Public Accountants (Special General Partnership) for 2025.

A special shareholder meeting is scheduled for 22 December 2025, to vote on these proposals. Shareholders will also consider the cancellation of 733,516 shares from the 2021 restricted stock incentive plan due to employee departures and the company's 2024 performance not meeting targets for the fourth vesting period.