Zhejiang Busen Apparel Co., Ltd.
Announcement on Resignation of Chairman, Non-Independent Directors, Independent Directors and Election of New Directors
The Company and all members of the Board of Directors guarantee that the information disclosed is true, accurate, and complete, and contains no false records, misleading statements, or major omissions.
The Seventh Board of Directors of Zhejiang Busen Apparel Co., Ltd. (hereinafter referred to as the "Company") held its Thirteenth Meeting on July 24, 2026. The meeting deliberated and passed the "Proposal on Amending the Articles of Association and its Annexes," the "Proposal on Re-election of Non-Independent Directors of the Seventh Board of Directors," and the "Proposal on Re-election of Independent Directors of the Seventh Board of Directors," among other proposals. These proposals are subject to the approval of the Company's Second Extraordinary General Meeting of Shareholders in 2026. The specific details are as follows:
I. Adjustment of Board Seats
To further optimize the Company's corporate governance structure, the Company plans to adjust the number of board members from 9 to 7, with the number of non-independent directors adjusted from 6 to 4, and the number of independent directors remaining at 3.
II. Resignation and Re-election of Directors
(I) Regarding the resignation of the Chairman
The Board of Directors recently received the written resignation report from Mr. Sun Xiaoming, Chairman and General Manager of the Company. Mr. Sun Xiaoming has applied to resign from his positions as Chairman, Director, General Manager, and member of all special committees of the Seventh Board of Directors due to personal reasons, and has also resigned from all other positions held within the Company and its subsidiaries. Following his resignation, Mr. Sun Xiaoming will no longer hold any positions in the Company or its subsidiaries. As of the disclosure date of this announcement, Mr. Sun Xiaoming does not hold any shares in the Company.
(II) Regarding the resignation of non-independent directors
The Board of Directors recently received the written resignation reports from Mr. Liu Feng, Ms. Li Hong, and Mr. Yang Zhi. In accordance with the arrangements of the "Share Transfer Agreement" signed between Baoji Fangwei Co-creation Enterprise Management Partnership (Limited Partnership) and Guangzhou Yanfeng Digital Technology Co., Ltd., Mr. Liu Feng, Ms. Li Hong, and Mr. Yang Zhi have applied to resign from their positions as directors and members of all special committees of the Seventh Board of Directors, and have also resigned from all other positions held within the Company. Following their resignation, Mr. Liu Feng, Ms. Li Hong, and Mr. Yang Zhi will no longer hold any positions in the Company or its subsidiaries. As of the disclosure date of this announcement, Mr. Liu Feng, Ms. Li Hong, and Mr. Yang Zhi do not hold any shares in the Company.
(III) Regarding the resignation of independent directors
The Board of Directors recently received the written resignation reports from Mr. Mu Yang, Mr. Chen Zengshe, and Mr. Wang Xinli. Mr. Mu Yang, Mr. Chen Zengshe, and Mr. Wang Xinli have applied to resign from their positions as independent directors and members of all special committees of the Seventh Board of Directors due to personal reasons, and have also resigned from all other positions held within the Company. Following their resignation, Mr. Mu Yang, Mr. Chen Zengshe, and Mr. Wang Xinli will no longer hold any positions in the Company or its subsidiaries. As of the disclosure date of this announcement, Mr. Mu Yang, Mr. Chen Zengshe, and Mr. Wang Xinli do not hold any shares in the Company.