SHANXI INSTALL (02520.HK): Xu Guanshi Resigns as Non-Executive Director; Li Bin Proposed to Take Over

NewTimeSpace News: On 11 August 2026, Shanxi Installation Group Co., Ltd. (stock code: 02520.HK) announced that Mr. Xu Guanshi has tendered a written resignation to the board to step down as non-executive director of the Company due to adjustments in work arrangements, with effect from 11 August 2026. Mr. Xu Guanshi confirmed that he has no disagreement with the board and that there are no other matters requiring the attention of the Company's shareholders.

The board resolved at its meeting held on 11 August 2026 to recommend Mr. Li Bin to serve as non-executive director of the first session of the board to take over Mr. Xu Guanshi's position. Subject to shareholders' approval of his appointment, the Company will enter into a service contract with Mr. Li Bin, with the tenure commencing from the date of the shareholders' resolution and expiring on the establishment of the second session of the board, renewable upon expiry in accordance with the articles of association. As a non-executive director, Mr. Li Bin will not receive any director's fee or remuneration from the Company. The Company will convene a shareholders' meeting in due course to consider, among other things, the resolution for electing Mr. Li Bin as non-executive director.

Mr. Li Bin, aged 55, has more than 30 years of experience in the finance field. He joined Shanxi Sanjian Group Co., Ltd. (Shanxi Sanjian) in October 1994, working in finance, operations, labor, project management and cost management, and served successively as head of finance section and head of operations section at grassroots units, deputy manager of branches and deputy head of the Company's cost department. He served as head of the finance and assets department of Shanxi Sanjian from February 2011 to May 2017, head of the audit department from June 2017 to March 2018, and deputy chief accountant concurrently head of the audit department from April to June 2018. Subsequently, he served as chief financial officer of Jincheng Jinjian National Highway Realignment Engineering Co., Ltd. from July to November 2018, chief accountant of the G342 Jincheng Bypass Section Realignment Project Headquarters from December 2018 to December 2021, chief accountant of Shanxi Jiantou Jindongnan Investment Co., Ltd. from January 2022 to April 2025, and chief accountant of Shanxi Infrastructure Investment and Operation Co., Ltd. from May 2025 to August 2026. Mr. Li was accredited as an intermediate accountant by the Department of Human Resources and Social Security of Shanxi Province in October 2012.

The announcement further disclosed that Mr. Li Bin has not served as a director of any other public company listed in Hong Kong or overseas in the past three years, has no relationship with any director, senior management, substantial or controlling shareholder of the Company, and held no interests in the shares of the Company or its associated corporations as of the date of this announcement.

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.