Mango Excellent Media shifts funds, revamps governance and board

Mango Excellent Media plans to conclude its Mango TV smart audio-visual media service platform project, redirecting the remaining funds of CNY 18,375.00 to a new Mango TV audio-video industry large model matrix project. The original project, with a total planned investment of CNY 50,000.00, saw reduced hardware and software procurement, resulting in the surplus. The new large model matrix project has a total planned investment of CNY 22,594.00, with the remaining CNY 4,219.00 to be covered by the company’s own funds.

In parallel, the company proposes extensive revisions to its Articles of Association, including eliminating the supervisory board (with its duties transferred to the board's audit committee) and appointing an employee representative director. These governance changes, along with amendments to various internal rules, are set for shareholder approval.

Additionally, the company will appoint Zhao Longkai as an independent director, following the resignation of Ding Wenhua. China International Capital Corporation Limited is also replacing Chen Jiaqi with Yang Linnna as a continuous supervision sponsor representative and independent financial advisor for the company’s non-public issuance and major asset restructuring projects.