Nanjing Sinolife United Company Limited (Sinolife United) has released a proposal to overhaul its corporate governance framework by amending its Articles of Association and eliminating the Board of Supervisors.

The planned amendments aim to bring the company’s constitution in line with the revised PRC Company Law, effective 1 July 2024, and the China Securities Regulatory Commission’s amended Guidelines for the Articles of Association of Listed Companies issued on 28 March 2025. Key elements include:

1. Abolition of the supervisory committee: All references to supervisors and the supervisory committee will be removed. The existing supervisors have confirmed their resignation contingent on the committee’s cancellation.

2. Enhanced role for the audit committee: Supervisory responsibilities will be transferred to the audit committee, consolidating oversight functions under the Board.

3. Alignment with updated regulations: Additional textual and “house-keeping” changes will standardise the Articles with current PRC laws, regulations and Hong Kong Listing Rules.

Implementation of the amendments requires approval via special resolutions at an upcoming extraordinary general meeting (EGM). The revised Articles will take effect upon shareholder approval, after which the company will complete statutory filings with PRC authorities.

The Board stated that the governance revisions serve the interests of both the company and its shareholders. A detailed circular outlining the proposed changes and the EGM notice will be dispatched in due course.