ChangXin Technology said it expects to retain a no-controlling-shareholder structure after its listing, according to comments made by Vice President and Board Secretary Yuan Yuan in response to investor questions. She said the company’s ownership will become more dispersed after going public, with each of the top five shareholders holding no more than 30% and no single shareholder owning more than 50%.
Yuan also outlined the company’s governance setup. ChangXin Technology has established a modern governance structure made up of the shareholders’ meeting, the board of directors, specialized committees, and the management team. The board has 11 members, including four independent directors.
Among the seven non-independent directors, the actual nominating parties are Qinghui ChangXin with one seat, ChangXin Jicheng with one seat, the National Integrated Circuit Industry Investment Fund Phase II with two seats, Hefei Jixin with one seat, Anhui Provincial Investment with one seat, and one employee director seat. According to Yuan, no shareholder can determine the appointment of more than half of the board through actual control of voting rights. She said the company is expected to keep a relatively dispersed board nomination structure after listing.
ChangXin Technology will continue to operate under a no-controlling-shareholder structure after its listing, Vice President and Board Secretary Yuan Yuan said in response to investor questions.
According to Yuan, the company’s ownership structure will become more dispersed after it goes public. Each of its top five shareholders will hold no more than 30%, and no single shareholder will own more than 50%.
She said the company has already put in place a modern governance framework consisting of the shareholders’ meeting, the board of directors, specialized committees, and the management team.
The board has 11 members, including four independent directors. The seven non-independent directors are effectively nominated by six parties: Qinghui ChangXin with one seat, ChangXin Jicheng with one seat, the National Integrated Circuit Industry Investment Fund Phase II with two seats, Hefei Jixin with one seat, Anhui Provincial Investment with one seat, and one employee director seat.
Yuan said no shareholder, through actual control of voting rights, can determine the appointment of more than half of the company’s board members. She added that ChangXin Technology is expected to maintain a relatively dispersed board nomination structure after listing and will therefore keep its no-controlling-shareholder control structure.
The comments were reported by Shanghai Securities News.
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