The 2025 performance evaluation results for the board of directors of HUISHANG BANK (03698.HK) have recently been disclosed, with non-executive director Gao Yang once again receiving a rating of "basically competent."

According to materials disclosed by the bank for its shareholders' meeting, the board of supervisors evaluated the overall performance of the board of directors in 2025 as "competent." All other 15 directors were rated "competent," with Gao Yang being the sole exception receiving the "basically competent" designation.

Public information shows that in 2025, Gao Yang was absent from six board meetings (out of 13 held for the year), missed three meetings of the Board's Strategy and Consumer Rights Protection Committee (out of seven held), and was absent from two meetings of the Board's Nomination and Remuneration Committee (out of three held). According to the "Measures for Evaluating the Performance of Directors and Supervisors of Banking and Insurance Institutions (Trial)" issued by the former China Banking and Insurance Regulatory Commission in 2021, a director who fails to attend in person more than two-thirds of the on-site board meetings cannot be rated as "competent."

Gao Yang is a director appointed to HUISHANG BANK by Zhongjing Sihai Industrial Co., Ltd. and is a key figure within the "Zhongjing" shareholder group. In March 2026, after years of relative quiet, Gao Yang gave a high-profile interview publicly addressing for the first time his disagreements with HUISHANG BANK regarding matters such as dividend policies and corporate governance. He also mentioned that intensive negotiations were underway for the sale of his stake in the bank.

The shareholders' meeting materials also disclosed the latest developments in the equity dispute between the Zhongjing group and Shanshan Holdings. In August 2019, the two parties signed a framework agreement for Zhongjing Xinhua to transfer approximately 1.245 billion shares of HUISHANG BANK to Shanshan Holdings for a total consideration of approximately RMB 12.15 billion. In June 2020, disputes arose over the performance of the agreement, leading to reciprocal lawsuits. After consolidated trial by the Shanghai Financial Court, a first-instance judgment in January 2023 ruled to terminate the relevant agreements, requiring Zhongjing Xinhua to return the paid price to Shanshan Holdings and Shanshan Group to return the equity in Zhongjing Sihai. In September 2023, the Shanghai High People's Court upheld the original judgment in the second instance. Between October and November 2023, the Shanshan side applied for compulsory enforcement. The parties signed a "Settlement Agreement" in November 2023, and the case concluded its enforcement proceedings in March 2024. In July 2024, the Supreme People's Court rejected Zhongjing Xinhua's application for retrial. In November 2025, the Shanghai Financial Court resumed enforcement of the obligation to return the payment. In March 2026, the Shanghai Financial Court officially ruled to dispose of the 224,781,227 HUISHANG BANK shares held by Zhongjing Xinhua. Currently, the court has completed the appraisal work and will initiate a judicial auction in accordance with laws and regulations.

HUISHANG BANK stated that the dispute has entered the enforcement stage, and its final resolution depends on whether Zhongjing Xinhua has sufficient assets available for enforcement, which involves a degree of uncertainty. The bank stated it will continue to monitor subsequent developments.