Lingyi iTech expands board, boosts financial operations

Lingyi iTech (Guangdong) Company's board of directors, at its 22nd meeting of the sixth session, approved several key initiatives. These include amendments to the company's articles of association to increase the board size from seven to eight directors, adding one independent director and one staff representative director. The company also announced the appointment of Xiong Junjie as a new securities affairs representative, replacing Li Ruoqian.

Furthermore, the board approved an increase in its banking credit line to RMB 40 bn for 2026, the engagement in daily related-party transactions up to RMB 798.3m, and the commencement of foreign exchange derivative transactions with a total outstanding contract value not exceeding RMB 14 bn. The board also authorized guarantees for subsidiaries totaling RMB 40 bn and the use of idle funds for wealth management products up to RMB 4 bn. These changes, pending shareholder approval, aim to optimize financial management, enhance operational efficiency, and mitigate foreign exchange risks, aligning with the company's growth strategy.