STOCKS | Hengyi Holdings Approves Board Overhaul At EGM

Hengyi Holdings (01894) said all 11 ordinary resolutions at its extraordinary general meeting on Tuesday were passed by shareholders, including the removal of five incumbent directors and the appointment of four new directors. According to ETNet, the approved removals included executive directors Lo Hok Yu and Ng Wai Ping, as well as independent non-executive directors Chan Man Kit, Tsui Lam Kong and Choi Chun Wah. A motion to remove Sin Kwok Chi was rejected after receiving 100% of the votes against it. The company appointed Cao Jianqiang as executive director and Chan Chun Wing, Au Hoi Fung and Ban Jiu as independent non-executive directors, with the appointments taking effect after the meeting. Hengyi also adjusted the composition of its audit, remuneration and nomination committees, and named Sin Kwok Chi as an authorised representative to replace the removed director Lo Hok Yu. Following the changes, Hengyi said its board is now composed of a single gender and does not comply with Listing Rule 13.92 on board diversity. The company said it will make its best efforts to identify a suitable female candidate and expects to complete the appointment by November 30.