Shenzhen Zhaowei Machinery & Electronics Co., Ltd. (“Zhaowei”) issued Terms of Reference for its Audit Committee, intended to strengthen decision-making and enhance corporate governance as the company prepares for H Share listing. According to the document, the Audit Committee will oversee and verify both internal and external audits, supervise financial reporting procedures, and evaluate risk management and internal control systems.

The document outlines that the Audit Committee will comprise at least three non-executive directors, with a majority required to be independent. At least one of its independent directors must possess professional qualifications in accounting or relevant financial management expertise. Key responsibilities include reviewing financial statements, examining the appointment and performance of external auditors, and guiding the company’s internal audit department in conducting regular internal audits.

Emphasis is placed on ensuring compliance with applicable laws and listing rules. The Audit Committee will also work with management to address any material findings promptly. According to the announcement, these rules will become effective from the date of Zhaowei’s H Share listing on The Stock Exchange of Hong Kong Limited, which is scheduled for April 2025.