Yihai International Holding Ltd. will convene its annual general meeting on 26 May 2026 in Anhui Province, according to the circular released on 27 April 2026. Key resolutions include board refreshment, a cash dividend, auditor renewal, refreshed share mandates and constitutional updates.
Dividend Proposal • The board recommends a final dividend of HK$0.5968 (RMB0.5252) per share for FY 2025, payable on or around 22 June 2026, subject to shareholder approval. • The payout will be translated into Hong Kong dollars using the average RMB/HKD central parity rate over the five working days preceding the 24 March 2026 board meeting.
Board Changes and Auditor • Executive directors Guo Qiang and Sun Shengfeng, and independent non-executive director Cui Jin, will retire by rotation and seek re-election. • Li Ping, who filled a casual vacancy in July 2025, also stands for election as an independent non-executive director. • PricewaterhouseCoopers is nominated for re-appointment as external auditor, with an estimated FY 2026 audit fee of RMB3.50 million, unchanged from the prior year.
Capital Authorities • General mandate: authority to issue, allot or transfer treasury shares up to 20% of the issued share capital—equivalent to a maximum of 207.34 million shares based on the 1,036.70 million shares outstanding as at the latest practicable date. • Buy-back mandate: authority to repurchase up to 10% of issued shares, or 103.67 million shares. Shares bought back may be cancelled or held as treasury shares. • If both mandates are approved, shares repurchased under the buy-back mandate may be added to the issuance limit.
Shareholding Impact • Controlling shareholders collectively hold 325.90 million shares (31.44%). A full exercise of the buy-back mandate would lift their stake to approximately 34.93%, potentially triggering Takeovers Code obligations.
Corporate Governance • Proposed adoption of a fifth amended and restated memorandum and articles of association will align meeting procedures with updated Hong Kong Listing Rules.
Other Details • Unvested shares held in trust under the 2026 Share Award Scheme total 66.57 million; these will abstain from voting at the AGM. • Shareholders must register by 19 May 2026 to vote at the meeting and by 29 May 2026 to qualify for the dividend.
The board recommends shareholders vote in favour of all resolutions.
Comments