长鑫科技: IPO will retain control structure with no actual controller

Odaily Planet Daily reported that Yuan Yuan, Vice President and Board Secretary of ChangXin Memory Technologies, stated in response to investor inquiries that the company's shareholding structure will become further diversified after its IPO, with the top five shareholders each holding no more than 30%, and no single shareholder holding more than 50%;

In addition, the company has established a modern corporate governance structure composed of the shareholders' meeting, board of directors, various special committees, and management. The board of directors consists of 11 members. Apart from 4 independent directors, the actual nominators of the 7 non-independent directors are: Qinghui Changxin (1 seat), Changxin Integration (1 seat), Big Fund Phase II (2 seats), Hefei Jixin (1 seat), Anhui Investment (1 seat), and one employee director. No single shareholder can decide the selection of more than half of the board members by exercising voting rights, and the company is expected to maintain a relatively dispersed board nomination structure after listing. Therefore, ChangXin Memory Technologies will continue to operate without a controlling shareholder after its IPO. (Shanghai Securities News)