NHU announces board reshuffle and new employee stock plan

Zhejiang NHU Company announced the resignation of non-independent director Yu Hongwei, effective December 27, 2025, due to a governance restructuring. Concurrently, Yu was elected as an employee representative director for the ninth board. The board will continue to comprise eleven directors, including one employee representative director, with the total number of senior management and employee representative directors not exceeding half of the board.

In a related development, the company introduced its Fifth Employee Stock Ownership Plan, with a total fund not exceeding 52,230 million yuan. This includes 26,115 million yuan from employee contributions and an equal amount provided as a loan by the controlling shareholder, NHU Holding Group. The plan's acquisition of company shares will occur within six months of shareholder approval, with a lock-up period of 12 months.

The plan involves 605 participants, including 8 directors and senior management holding 29.29% of the total shares, and other employees holding 70.71%. Key participants, including chairman Hu Baiwan and vice chairman Hu Baimao, will subscribe for 4,000 million yuan and 3,600 million yuan respectively. The company reiterates that the plan aims to align employee interests with the company’s long-term growth.