On 31 October 2025, Sinopec Oilfield Service Corporation (1033) released a notice regarding its upcoming First Extraordinary General Meeting for 2025 (EGM), scheduled on 18 December 2025 in Beijing.
Key information from the announcement indicates that shareholders will consider and vote on several major proposals:
• Amendments to the Articles of Association and relevant appendices. In compliance with new legal requirements, these include removing the Supervisory Committee and adjusting the Company's registered capital to reflect previously repurchased and cancelled shares. The amendment aims to enhance corporate governance and streamline internal oversight mechanisms.
• Using reserves to offset accumulated losses. According to the document, the Company proposes to utilize RMB200.383 million from its surplus reserve and RMB1,620.396 million from its capital reserve (derived from capital premium) to fully write down negative undistributed profits on the parent level. This plan, subject to the EGM’s approval, seeks to eliminate historical losses and position the Company for clearer profit distribution eligibility.
• Election of a new Non-executive Director. The Board has nominated Mr. Wang Minsheng, who comes with academic achievements and industry experience, to join the eleventh session as a Non-executive Director. The EGM will vote on this appointment.
The EGM, which begins at 9:30 a.m., 18 December 2025, at Beijing Kuntai Royal Hotel, will also address procedural matters such as required attendance registration, proxy arrangement, and voting mechanics. Shareholders recorded as of 9 December 2025 will be eligible to attend in person or via proxy. The proposals and relevant explanation are detailed in a circular appended to the public notice.
According to the announcement, the Board encourages all qualified shareholders to review the materials thoroughly, submit any inquiries, and exercise their voting rights at the EGM. Completion of these corporate actions is expected to strengthen Sinopec Oilfield Service Corporation’s financial framework and governance practices going forward.