Ming Yang Smart Energy Group Limited said it plans to reduce its registered capital by 3.1%, canceling 70,023,484 A-shares, following board approval on Sept. 24, 2026.
The cancellation will lower the company's registered capital from RMB 2,261,496,706 to RMB 2,191,473,222, with total shares outstanding declining by the same number of units. The shares to be retired originated from Ming Yang's first repurchase plan, which was originally approved at the 39th meeting of the company's second board.
The proposals were put forward and approved at the 37th meeting of the third board. The moves require ratification at a shareholders' meeting before management can proceed with registration and filing procedures with relevant authorities.
Alongside the capital reduction, the board also approved amendments to the articles of association. Changes cover share transfers, board authorization for future share issuances, guarantee thresholds, and qualifications for the board secretary role.
Under the revised rules, the board secretary must hold at least five years of work experience in finance, accounting, auditing, legal compliance or related fields. The role cannot be concurrently held by the general manager, a vice president responsible for business operations, or the chief financial officer. Additional governance changes include cumulative voting procedures for director elections and requirements that board meeting minutes be signed by attending directors, the board secretary and the minute-taker.
