ST Busen announced that Chairman and General Manager Sun Xiaoming and six other directors have resigned en masse, and the board plans to reduce its size from nine to seven members. Sun Xiaoming resigned from all positions, including chairman and general manager, for personal reasons. Liu Feng, Li Hong, and Yang Zhi stepped down as non-independent directors under arrangements by the controlling shareholder. Mu Yang, Chen Zengshe, and Wang Xinli resigned as independent directors for personal reasons. After their resignations, none of the seven will hold any position in the company or its subsidiaries. The controlling shareholder, Guangzhou Yanfeng Digital Technology, nominated Wang Bo and Zhang Min as non-independent director candidates, and Yuan Zhaoyun, Wei Wenli, and Lin Shanlang as independent director candidates. The relevant proposals were approved at the 13th meeting of the seventh board of directors and will be submitted to an extraordinary general meeting for election by cumulative voting. They will form the new board together with the remaining non-independent directors Huang Ping and Deng Yun. This senior management shake-up follows a recent change in control. Fangwei Tongchuang has completed the transfer of 21.3338 million shares to Yanfeng Digital, making Yanfeng Digital the new controlling shareholder and Wang Bo the new actual controller. ST Busen turned a profit in 2025, achieving a net profit attributable to the parent company of 8.6727 million yuan, but it expects a net loss attributable to the parent company of 12.5 million to 17 million yuan in the first half of 2026, with the loss widening year-on-year.
Zhejiang Busen Garments Co LtdMass resignation of chairman and six directors, board downsizing, and expected widening net loss in H1 2026.
Lingda Group Co Ltd