Fibocom Wireless Inc. (Fibocom) secured overwhelming shareholder support for its proposed acquisition of a 37.16% equity stake in Shenzhen Hangsheng Electronics Co., Ltd. and related corporate changes at the company’s fourth Extraordinary General Meeting (EGM) of 2026, held on 14 October in Shenzhen.
High voting turnout and near-unanimous approval • A total of 439 shareholders and proxies, representing 338.46 million voting shares—or 37.78% of Fibocom’s 895.96 million eligible shares—participated in the poll. • Eighteen special resolutions were tabled; each received at least 99.56% votes in favour, comfortably surpassing the two-thirds threshold required for passage.
Key resolutions passed 1. Material Asset Reorganisation: Shareholders confirmed that Fibocom meets all regulatory conditions to proceed with a material asset reorganisation centred on acquiring 37.16% of Shenzhen Hangsheng Electronics. 2. Detailed Acquisition Plan: Fourteen sub-resolutions covered transaction description, target assets, counterparties, valuation, payment structure, funding sources, profit-sharing during the transitional period, performance undertakings, over-performance rewards, share transfer mechanics, and related agreements. Each sub-item garnered approval rates between 99.56% and 99.59%. 3. Non-connected Transaction Status: The deal was confirmed as not constituting a connected transaction, with 99.59% affirmative votes. 4. Governance Updates: Shareholders endorsed an increase in registered capital, amendments to the Articles of Association, and corresponding changes to the company’s business registration (99.59% approval). 5. Board Authorisation: The Board received full authority—backed by 99.59% support—to execute all matters relating to the reorganisation, including acquisition financing arrangements with banks.
Compliance and procedural assurance • All seven directors attended the meeting. • Law firm Sundial Law Firm verified that the EGM’s convening, voting processes and outcomes complied with PRC laws and Fibocom’s Articles. • Computershare Hong Kong Investor Services acted as H-share scrutineer; no shareholders were required to abstain under Hong Kong Listing Rules.
Next steps The amended Articles of Association took effect immediately on 14 October 2026. With shareholder mandates in place, Fibocom’s Board will proceed to finalise the equity purchase, capital registration updates, and related financing to complete the strategic acquisition of Shenzhen Hangsheng Electronics’ minority stake.
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