Zhongmiao Holdings (Qingdao) Co., Ltd. announced a plan to abolish its Supervisory Committee and revise its Articles of Association in line with the amended PRC Company Law, which took effect on 1 July 2024.

The Board stated that, under the new legal framework and the China Securities Regulatory Commission’s updated Guidelines on the Articles of Association of Listed Companies (issued 28 March 2025), listed firms are permitted to replace the Supervisory Committee with a Board audit committee. Zhongmiao intends to transfer the Supervisory Committee’s functions to its existing audit committee, enhance shareholder-rights provisions, update clauses to match current regulations and address other internal matters.

All current Supervisors will resign conditional upon shareholder approval at the 2025 annual general meeting (AGM). Each Supervisor confirmed there is no disagreement with the Board or any matter requiring shareholder attention.

The proposed amendments will be tabled as a special resolution at the AGM for the financial year ended 31 December 2025. If approved, the changes take effect immediately. A detailed circular outlining the amendments will be dispatched to shareholders in due course.

As of 27 March 2026, the Board comprises four executive directors—Lu Yao, Zhang Zhiquan, Li Tian and Wang Heping—and three independent non-executive directors—Fang Qiaoling, Chung Wai Man and Ng Sin Kiu.