Lemo Services Co., Ltd released its draft Articles of Association, outlining details about share capital, structural governance, and operational guidelines. According to the document, the company’s registered capital stands at RMB50 million, and it was established through restructuring of Fujian Lemo IoT Technology Co., Ltd. The document covers protocols on issuing H Shares in Hong Kong (upon filing with the China Securities Regulatory Commission), specifying that final listing will occur once all regulatory and procedural requirements are completed.
The draft provides comprehensive regulations for share issuance, transfer, repurchase, and shareholder rights. It specifies that each share entitles the holder to vote, and articulates requirements for guaranteeing shareholder interests, including rules on convening shareholders’ meetings and handling major corporate transactions. The document highlights the board of directors, which comprises eight members (at least three are independent), granting it authority to manage corporate operations and propose profit distributions. It also delineates the board of supervisors’ role in supervising the board of directors and overseeing financial affairs.
The content sets forth clear provisions on financial management, internal audit, and methods to handle potential mergers, divisions, or possible dissolutions. In the event of liquidation, a liquidation committee has explicit duties and must inform creditors within a set timeframe. Finally, the draft underscores that any modifications must align with prevailing laws and regulatory requirements. The new Articles of Association will become effective from the listing date of the company’s newly issued H Shares on the Hong Kong Stock Exchange.
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