Zhejiang Wanma board approves governance updates, $900m increase in guarantees

Zhejiang Wanma Co., Ltd. held its Seventh Board of Directors' Second Meeting on December 15, 2025, approving several key resolutions. The board unanimously passed a resolution to amend the company's articles of association and board rules, and to change the legal representative, subject to shareholder approval. The board also approved the revision and formulation of various corporate governance policies, with resolutions 2.01 to 2.04 requiring shareholder approval.

Additionally, the board approved a revised compensation plan for senior management, with five votes in favor and four abstentions from directors holding senior management positions. The updated plan maintains a "fixed salary + floating performance" structure, with a 60% fixed component and 40% floating component.

Crucially, the board unanimously approved an increase of $900,000,000 in the guarantee limit for companies within its consolidated reporting scope. This increase supports its wholly-owned subsidiary, Zhejiang Wanma High-tech Materials Group Co., Ltd., in providing a joint and several liability guarantee for financing credit applications made by Qingdao Wanma Polymer Material Co., Ltd., a wholly-owned grandchild company, with a maximum guarantee period of seven years. All these resolutions will be presented at the Fourth Extraordinary General Meeting of Shareholders in 2025, scheduled for December 31, 2025.