At an extraordinary general meeting of ST Huapeng, one director voted against the election of members to the ninth board audit committee. Director Wang Zihui opposed the motion on the grounds that related parties of the company's controlling shareholder and second-largest shareholder are involved in litigation concerning 70 million yuan of the listed company's funds. To protect the interests of minority investors and ensure the independence of the audit committee, directors nominated by the relevant shareholders should not serve on the audit committee, which should consist of three independent directors. The motion was ultimately passed with eight votes in favor, one against, and zero abstentions, electing independent directors Wang Xianlu and Zou Zhendong, along with director Men Qiuchen, as audit committee members, with Wang Xianlu serving as convener. The company previously disclosed an earnings forecast, estimating a net loss attributable to the parent company of 65 million to 90 million yuan for the first half of 2026, with the loss widening year-on-year.
Shandong Huapeng Glass Co LtdDirector opposes audit committee election due to related-party litigation over 70 million yuan of company funds, raising governance concerns.
