Svmuu News: Yuan Yuan, Vice President and Board Secretary of Changxin Technology, stated in response to investor questions that the company’s equity structure will become further diversified following its IPO, with none of the top five shareholders holding more than 30% of the shares and no single shareholder holding more than 50%;
Furthermore, the company has established a modern corporate governance structure comprising the shareholders’ meeting, the board of directors, various specialized committees, and the executive management team. The board of directors consists of 11 members; aside from the four independent directors, the actual nominating parties for the seven non-independent directors are: Qinghui Changxin (1 seat), Changxin Integration (1 seat), the National Integrated Circuit Industry Investment Fund Phase II (2 seats), Hefei Jixin (1 seat), Anhui Provincial Investment (1 seat), and an employee director (1 seat). No single shareholder has the actual control over voting rights to determine the appointment of more than half of the members of Changxin Technology’s Board of Directors. After the IPO, the company expects to maintain a relatively dispersed board nomination structure. Consequently, Changxin Technology will continue to maintain a control structure without a single actual controlling shareholder after its IPO. (Shanghai Securities News)