Vice‑president and board secretary Yuan Yuan told investors the company’s
shareholding will be further dispersed after listing: the top five shareholders
will each hold no more than 30% and no single shareholder will exceed 50%.
Changxin has a modern governance structure (shareholders’ meeting, board,
specialist committees, management). The 11‑member board includes four
independent directors and seven non‑independent directors whose nominators are
Qinghui Changxin (1 seat), Changxin Integrated (1), National IC Fund Phase II
(2), Hefei Jixin (1), Anhui Provincial Investment (1) and one employee director.
No single shareholder, via actual voting control, can determine the election of
a majority of the board; the company expects to maintain a dispersed board
nomination structure and remain without a controlling shareholder after listing.
