Please note: ChangXin Technology has no controlling party in practice—if you get cut, it won’t be easy to find someone to complain to.

ChangXin Technology: After listing, it will still maintain a control structure with no actual controlling party

In response to an investor’s question, Yuan Yuan, Vice President and Board Secretary of ChangXin Technology, said that after the company goes public, its equity structure will be further dispersed; the shareholding proportions of the top five shareholders will all be no more than 30%, and there is no shareholder with a single holding proportion exceeding 50%.

In addition, the company has already established a modern corporate governance structure composed of the shareholders’ meeting, the board of directors, various special committees, and the management. The board of directors consists of 11 members; besides 4 independent directors, the 7 non-independent directors are actually nominated by: Qinghui ChangXin, 1 seat; ChangXin Integration, 1 seat; Phase II of the National Integrated Circuit Industry Investment Fund, 2 seats; Hefei Jixin, 1 seat; Anhui Province Investment, 1 seat; and an employee director, 1 seat. No shareholder can, through the actual exercise of voting rights, decide the appointment of more than half of the members of ChangXin Technology’s board of directors.

Therefore, it is expected that after the listing, the company will continue to maintain a relatively dispersed board nomination structure. Therefore, after listing, ChangXin Technology will still maintain a control structure with no actual controlling party. (Securities Times) $SOL
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