Sieyuan electric overhauls governance ahead of Hong Kong listing

Sieyuan Electric has approved a series of governance overhauls and a management system in preparation for its H-share listing on the Hong Kong Stock Exchange. The company plans to issue H-shares, denominated in RMB 1.00 each, through public offering and international placement, not exceeding 15% of the post-issuance share capital. This includes reforms to the external guarantee management system, risk investment management, securities investment control, and related transaction management, ensuring compliance with PRC and Hong Kong regulatory requirements.

Key changes involve eliminating the supervisory board, with its functions transferred to the board’s audit committee. The updated articles of association reflect these structural changes and introduce a robust framework for managing financial activities. The company will also adjust its high-level remuneration and performance appraisal system to align with the new governance structure, ensuring transparent and fair compensation practices.

The company’s board has approved a RMB 21.7 bn credit facility for 2026, comprising RMB 19.2 bn for guarantees and RMB 2.5 bn for short-term loans. These funds will support various operational needs and reflect the company's commitment to maintaining financial stability and growth in its global expansion strategy.