LYFEN(SH:603777) Zheng Quan Zhi Xing·2025-06-18 10:34Core Viewpoint - Shanghai Laiyifen Co., Ltd. has announced the cancellation of its supervisory board and the revision of its Articles of Association in accordance with the new Company Law effective from July 1, 2024, and related regulations [1]. Summary by Sections Cancellation of Supervisory Board - The supervisory board will be abolished, and its functions will be transferred to the audit committee of the board of directors to enhance corporate governance and compliance with market regulations [1]. Revision of Articles of Association - The Articles of Association have been revised to reflect the cancellation of the supervisory board and to align with the new legal requirements. Specific sections have been updated, including the governance structure and the roles of the board of directors and shareholders [2][3]. Governance Structure Changes - The governance structure will now rely solely on the board of directors, which will assume the responsibilities previously held by the supervisory board. This change aims to streamline decision-making processes and improve operational efficiency [1][2]. Legal Compliance - The revisions are made to comply with the latest regulations issued by the China Securities Regulatory Commission and other relevant laws, ensuring that the company adheres to the updated legal framework [1][2].