Chipsea(SH:688595) Zheng Quan Zhi Xing·2025-08-14 16:38Core Viewpoint - The company, Chipsea Technology (Shenzhen) Co., Ltd., has announced significant governance changes, including the cancellation of the supervisory board and the issuance of H shares for international listing on the Hong Kong Stock Exchange, aimed at enhancing its international strategy and competitiveness [1][4][10]. Governance Changes - The board of directors approved the cancellation of the supervisory board, transferring its responsibilities to the audit committee of the board, and will amend the company's articles of association accordingly [1][2]. - The board also approved the revision of several governance systems to align with the updated articles of association and operational needs [2][3]. H Share Issuance - The company plans to issue H shares and apply for listing on the main board of the Hong Kong Stock Exchange, which is expected to optimize its capital structure and support sustainable development [4][5]. - The proposed H shares will have a nominal value of RMB 1.00 per share, and the issuance will not exceed 15% of the total share capital post-issuance [5][6]. Fund Utilization - The funds raised from the H share issuance will be used for enhancing R&D capabilities, strategic investments and acquisitions, building a global marketing network, and supplementing working capital [10][11]. Authorization and Implementation - The board seeks authorization from the shareholders' meeting to handle all matters related to the H share issuance, including adjustments based on regulatory feedback and market conditions [12][19]. - The authorization period for the board's decisions regarding the issuance is set for 18 months from the shareholders' meeting approval [23]. Internal Governance Adjustments - The company will revise its internal governance documents to comply with the requirements of the H share issuance and listing, ensuring alignment with both domestic and international regulations [26][27]. - A new confidentiality and document management system will be established to protect company secrets and manage records related to the H share issuance [28].