NewTimeSpace · 2026/07/10 16:51 ·
By
Zeyu Wu
NewTimeSpace News: XIWANG PROPERTY (02088.HK) announced on 10 July that Mr Wang An, Independent Non-executive Director, has resigned on account of advanced age and is no longer fit to discharge his director duties. Following the resignation, the number of independent non-executive directors and composition of Audit Committee and Remuneration Committee fail to comply with the Listing Rules. The Company will identify suitable candidates within three months. Mr Wang confirmed no disagreement with the Board. The Company’s shares will remain suspended.
NewTimeSpace News: On 10 July 2026, XIWANG PROPERTY (02088.HK) issued an announcement. Mr Wang An, Independent Non-executive Director, is not suitable to continue performing director duties due to advanced age and has resigned as Independent Non-executive Director, member of the Audit Committee and Chairman of the Remuneration Committee, effective 10 July 2026. Mr Wang confirmed that there is no disagreement with the Board of Directors.
Upon Mr Wang’s resignation, the Company only has one independent non-executive director left, failing to comply with Rule 3.10 of the Listing Rules which requires a minimum of three independent non-executive directors. The Audit Committee is left with merely one member, breaching Rule 3.21 requiring at least three members including at least one independent non-executive director. The Remuneration Committee also fails to satisfy Rule 3.25 that independent non-executive directors shall form a majority. The Company intends to identify suitable candidates to fill the vacancies within three months. The Company’s shares have been suspended from trading since 31 March 2025 and will continue to be suspended until the resumption guidance is fulfilled.
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