Feiyu Technology International Company Ltd. (Feiyu Technology) has dispatched a circular convening its annual general meeting for 22 May 2026 at 3:00 p.m. in Xiamen, Fujian. Key resolutions and data disclosures are as follows:
1. Capital Base and Mandate Limits • Issued share capital: 1,749.44 million shares; no treasury shares outstanding. • Proposed Repurchase Mandate: authorises on-market buybacks of up to 10% of issued shares, equivalent to 174.94 million shares. • Proposed Issuing Mandate: permits issuance, sale or transfer of up to 20% of issued shares, or 349.89 million shares. • Issuing Mandate to be extendable by any shares repurchased under the Repurchase Mandate.
2. Funding and Regulatory Considerations • Buybacks to be financed from legally available resources under Cayman Islands law. • No share repurchases have been made in the six months preceding 16 April 2026 (Latest Practicable Date). • Controlling shareholders hold 569.59 million shares (32.56%). A full 10% buyback would raise their interest to 36.18%, potentially triggering a Rule 26 Takeovers Code mandatory offer; directors state they will not repurchase to a level that breaches regulatory thresholds or reduces public float below 25%.
3. Board Composition and Re-election Independent non-executive directors Liu Qianli, Lai Xiaoling and Cao Xi will retire by rotation and offer themselves for re-election. Each receives a fixed remuneration of HK$25,000 per month under three-year service agreements commencing 17 November 2023.
4. Other Ordinary Business • Re-appointment of Ernst & Young as external auditor. • Authorisation for the board to fix directors’ and auditor remuneration.
5. Meeting Logistics • Shareholders will vote by poll. • Register of members will be closed 19–22 May 2026; share transfers must be lodged by 4:30 p.m. on 18 May 2026 to qualify for attendance and voting rights. • Proxy forms must reach Computershare Hong Kong Investor Services no later than 48 hours before the meeting.
The board recommends shareholders vote in favour of all proposed resolutions, citing flexibility for capital management and continuity of board oversight.
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