JLMAG: Independent Non-Executive Director Xu Feng Resigns; Board Launches By-Election

Bulletin Express06-02

On 2 June 2026, JL MAG RARE-EARTH CO., LTD. (JLMAG) announced the resignation of independent non-executive director (INED) Xu Feng, citing personal work arrangements. His departure also covers his positions as chairman of the Board’s nomination committee, and membership of both the strategy committee and the remuneration and appraisal committee.

The resignation would reduce the proportion of INEDs to below one-third of the Board, contrary to requirements under PRC Company Law and Shenzhen Stock Exchange rules. In accordance with these regulations and the Company’s articles of association, Xu Feng will continue to discharge his duties until a successor is approved at a general meeting, after which his resignation takes effect. The Company stated it will complete the by-election “as soon as practicable.”

Xu Feng holds 30,000 H shares in JLMAG and no A shares. His original term was scheduled from 5 June 2024 to 5 June 2027. The Company and Xu Feng confirmed there are no outstanding commitments, disagreements with the Board, or issues that could affect the Company’s operations.

The Board expressed its gratitude for Xu Feng’s contributions during his tenure.

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