RONSHINECHINA (03301.HK): Independent non-executive director Ren Yunan resigns, Company fails to comply with Listing Rules requirements on INEDs and committee composition
NewTimeSpace News: On 1 September 2026, Ronshine China Holdings Limited (stock code: 03301) announced that Mr. Ren Yunan has tendered his resignation as independent non-executive director, chairman of the Company's Remuneration Committee and member of the Audit Committee, with effect from 1 September 2026, due to his intention to devote more time to other business. Mr. Ren has confirmed that there is no disagreement with the Board and no other matter relating to his resignation that needs to be brought to the attention of the Company's shareholders and the Stock Exchange.
Following Mr. Ren's resignation, the Company fails to comply with several Listing Rules requirements: (i) Rules 3.10(1) and 3.10A require the appointment of at least three independent non-executive directors and that independent non-executive directors represent at least one-third of the Board; (ii) Rule 3.21 requires the Audit Committee to comprise at least three members; and (iii) Rule 3.25 requires the chairman of the Remuneration Committee to be an independent non-executive director and a majority of its members to be independent non-executive directors.
To satisfy the above requirements, the Company is identifying suitable candidates to fill the vacancies arising from Mr. Ren's resignation, and will use its best endeavours to appoint suitable candidates as soon as practicable and in any event within three months from the effective date of Mr. Ren's resignation. A further announcement will be made in due course.
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