Shanghai Zhida Technology Development Co., Ltd. (ZHIDA TECH-NEW) announced a governance overhaul aimed at aligning with the new PRC Company Law that took effect on 1 July 2024.
Key Points • Governance Restructuring: The company plans to abolish its Supervisory Committee and transfer all statutory supervisory responsibilities to the Board’s Audit Committee. • Articles Overhaul: Comprehensive amendments to the Articles of Association and related appendices will remove references to the Supervisory Committee, redefine supervisory powers, and update terminology throughout the governing documents. • Approval Timeline: The proposals will be submitted as a special resolution at the 2025 Annual General Meeting. If approved, the current Supervisory Committee’s mandate will terminate on the effective date of the AGM resolution. Until then, existing supervisors will continue to perform their statutory functions. • Board Composition: As of the announcement date (2 April 2026), the Board comprises two executive directors—Dr. Huang Zhiming (Chairman) and Mr. Li Xinrui—and three independent non-executive directors—Ms. Sun Zhili, Ms. Wu Yushan, and Dr. Lu Ming. • Next Steps: A circular detailing the proposed amendments and the abolition plan will be posted on the HKEX and company websites in due course.
Implications The shift places supervisory authority directly under the Audit Committee, streamlining oversight while maintaining compliance with updated regulatory requirements. No financial metrics or operational results were disclosed in this announcement.
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