Suzhou Industrial Park & Shun Electric Co., Ltd.
Announcement on the Election of the Board of Directors
The Company and all members of the Board of Directors guarantee that the information disclosed in this announcement is true, accurate, and complete, and contains no false or misleading statements or material omissions.
The term of office for the fifth Board of Directors of Suzhou Industrial Park & Shun Electric Co., Ltd. (hereinafter referred to as the "Company") has expired. To ensure the smooth completion of the election for the next Board of Directors (hereinafter referred to as the "Election"), the Board of Directors, in accordance with the "Company Law," the "Administrative Measures for Independent Directors of Listed Companies," the "Shenzhen Stock Exchange Listed Company Self-Regulatory Management Guidelines No. 2 - Standardized Operation of GEM Listed Companies," and the "Articles of Association," hereby announces the composition of the sixth Board of Directors, the election method, the nomination of director candidates, the election procedure, and the eligibility requirements for director candidates as follows:
I. Composition of the Sixth Board of Directors
The sixth Board of Directors of the Company shall be composed of 7 directors, including 4 non-independent directors and 3 independent directors. Directors shall be elected or replaced by the shareholders' meeting. The term of office shall be calculated from the date of election approval by the relevant shareholders' meeting, with each term lasting three years. The number of directors who also serve as senior management personnel shall not exceed one-half of the total number of directors on the Company's Board.
II. Election Method
This election will adopt the cumulative voting system, with the principle of separate elections for non-independent directors and independent directors. When the shareholders' meeting elects non-independent directors or independent directors, each share shall have a number of voting rights equal to the number of non-independent directors or independent directors to be elected. Shareholders may exercise their voting rights in a concentrated or separated manner.
III. Nomination of Director Candidates (See Appendix for Director Candidate Nomination Form)
(I) Nomination of Non-Independent Director Candidates
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The Company's Board of Directors has the right to nominate candidates for the non-independent directors of the sixth Board of Directors.
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Shareholders holding 3% or more of the Company's shares, individually or in aggregate, as of the date of this announcement, have the right to nominate candidates for the non-independent directors of the sixth Board of Directors in writing to the fifth Board of Directors.
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The number of candidates recommended by a single recommender shall not exceed the number of non-independent directors to be elected in this election.
(II) Nomination of Independent Director Candidates
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The Company's Board of Directors has the right to nominate candidates for the independent directors of the sixth Board of Directors.
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Shareholders holding 1% or more of the Company's shares, individually or in aggregate, as of the date of this announcement, have the right to nominate candidates for the independent directors of the sixth Board of Directors in writing to the fifth Board of Directors.
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The number of candidates recommended by a single recommender shall not exceed the number of independent directors to be elected in this election.
IV. Election Procedure for This Term Change