Zhejiang Shibao (01057) has issued its circular and notice for the 2025 Annual General Meeting, scheduled for 30 June 2026 at the company’s headquarters in Hangzhou, Zhejiang Province, China. Shareholders on record as of 24 June 2026 are eligible to attend and vote; proxy forms must be lodged at least 24 hours before the meeting.
Key resolutions to be tabled include:
1. Profit Distribution: The Board proposes a cash dividend of RMB0.60 (tax-inclusive) for every 10 shares, totalling RMB49.36 million. No bonus shares or capitalisation of reserves is planned.
2. Auditor Re-appointment: Pan-China Certified Public Accountants LLP is nominated to continue as external auditor for the 2026 financial year, with an estimated audit fee between RMB0.75 million and RMB0.80 million, exclusive of out-of-pocket expenses.
3. Board Composition: Independent Non-Executive Director (INED) Gong Jun Jie will retire after completing a six-year term, in line with China Securities Regulatory Commission guidelines. The Board nominates Wang Zhi Fu, a veteran researcher in electric-vehicle technologies and current Deputy Director of the National Engineering Research Center for Electric Vehicles at Beijing Institute of Technology, to fill the INED vacancy. If elected, Wang will serve until the 2026 AGM with annual remuneration proposed at RMB60,000.
4. Director Remuneration: Total compensation for all directors in 2026 is capped at RMB6.00 million (pre-tax), with the Board authorised to allocate individual amounts.
Additional ordinary resolutions include approval of the 2025 audit report, annual report, Board work report and corporate governance report. All resolutions will be decided by poll, and no shareholders are required to abstain from voting.
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