Ubtech Robotics Corp Ltd (HKG:9880) terminated its concert party agreements that reconciled certain shareholders' decisions to those of Zhou Jian, according to a Friday filing with the Hong Kong Stock Exchange.
The move aims to streamline the decision-making process at board meetings and shareholder meetings.
As a result, the group of shareholders has stopped being a controlling shareholder of the company, with each now holding less than 30% of the voting rights.
Through the agreements, the shareholders previously allowed Zhou to exercise their rights as a shareholder, which include the proposal to appoint or remove directors and supervisors as well as the exercise of voting rights in shareholder meetings.
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