FOLANGSI (02499) has issued its 2026 annual general meeting (AGM) notice, outlining a broad agenda that includes review of the 2025 financial statements, board reports, and multiple capital-management authorisations.
Key AGM Proposals 1. Financials & Dividend • The audited 2025 financial report—prepared under HKFRS and audited by Ernst & Young—will be tabled for approval. • The board recommends retaining all 2025 earnings for working-capital and development needs; no final dividend is proposed.
2. Board & Governance Changes (Cumulative Voting) • Nine-member fourth session of the board proposed: – Re-election of executive directors: Hou Zekuan (Chairman), Hou Zebing (General Manager/CEO), Qian Xiaoxuan, Ma Li (Board Secretary), and Zhou Limin. – Appointment of Li Hanchi as non-executive director. – Re-election of independent directors Chiang Edward and Du Lizhu; appointment of Hou Yu as new independent director. • Non-executive director Yu Chuanfen and independent director Fan Xia will step down. • Two shareholder-representative supervisors, He Xiaocheng and Liu Xiaoli, seek re-election; Li Xiaolan remains employee-elected supervisor. • Director remuneration: executive and non-executive directors will not receive board fees; each independent director will receive RMB0.08 million annually. Supervisors will receive no additional remuneration.
3. Auditor • Re-appointment of Ernst & Young for FY 2026, with the board authorised to fix fees.
4. Capital Management Mandates • Issue General Mandate: authority to issue and/or sell treasury shares up to 20% of issued capital (approximately 69.60 million shares based on 348.02 million shares outstanding). • Repurchase General Mandate: authority to buy back up to 10% of issued shares during the mandate period. • Conditional expansion: any shares repurchased under the buy-back mandate will extend the issuance limit accordingly.
5. Financing Flexibility • The board seeks blanket approval for 2026 composite credit facilities, loans and finance-lease arrangements: – Single facility cap: RMB400 million. – Aggregate utilisation cap: 50% of total assets as at 31 December 2025. – Board authorised to execute related contracts, guarantees, and security documents.
Key Meeting Details • AGM Date & Venue: 25 June 2026, 10:00 a.m., No. 999 Yayun Avenue, Shiqi Town, Panyu District, Guangzhou. • Share transfer deadline: 18 June 2026. • Proxy submission deadline: 10:00 a.m., 24 June 2026.
All resolutions will be decided by poll, and results will be disclosed via HKEx.