Nanwang Technology has decided to resubmit a director remuneration proposal to an extraordinary general meeting after it was previously vetoed by minority shareholders with 94.4% of votes against. At the same time, the company announced that the total investment for its core fundraising project, the annual production of 3.8 billion environmentally friendly paper products construction project, will be cut from 500 million yuan to 300 million yuan, a reduction of 40%, and the completion date will be further postponed from June 30, 2026 to September 30, 2026. The remuneration proposal sets an annual allowance of 100,000 yuan for independent directors and 30,000 yuan for external directors, while internal directors' pay is linked to performance, with performance-based compensation accounting for no less than 50% of the total of base salary and performance-based compensation. The company stated that the plan is necessary for healthy operations and development. Nanwang Technology reported its first annual loss after listing in 2025, with a net loss attributable to the parent company of 26.4315 million yuan, mainly due to impairment provisions, increased expenses, and declining gross margins. The adjusted fundraising project itself was originally changed from another IPO fundraising project, and the use of the remaining 112 million yuan in raised funds has not yet been clarified. Nanwang Technology's major clients include Anta, Meituan, Heytea, and McDonald's, and its founder Chen Kaisheng is known as the 'Paper Bag King'.
Fujian Nanwang Environment Protection Scien-Tech Co. Ltd. ACore fundraising project investment cut 40% and delayed, first annual loss after listing, and director pay proposal vetoed by shareholders.