ST Ruyi convened the twenty-second meeting of its ninth board of directors to review proposals on board re-election. The third-largest shareholder, China Orient Asset Management, which holds a 7.24 percent stake, received no director seat nominations. Its appointed director, Dai Xinghai, cast a dissenting vote. This means the financial institution shareholder, which has held a seat on ST Ruyi's board since 2017, will lose that seat after this reshuffle. The company responded that the Orient Asset director seat was not retained because the other party is based in Qingdao and does not participate in daily operations, and stressed there is no conflict between the two sides. Historical announcements show that the director appointed by Orient Asset has repeatedly voted against or abstained on key matters such as restructuring pricing and audit report qualified opinions.
Shandong Jining Ruyi Woolen Textile Co LtdBoard reshuffle drops Orient Asset director seat, with dissenting vote, indicating governance friction.