Core Viewpoint - The recent temporary shareholders' meeting of AVIC Chengfei (302132.SZ) revealed significant shareholder dynamics, particularly regarding the failure to pass the revised investment management system due to a high number of abstentions, primarily from the largest shareholder, AVIC Group [1][2][4]. Group 1: Shareholder Voting Dynamics - The proposal to amend the investment management system was not approved due to approximately 2.1 billion shares abstaining from voting, which corresponds to the shares held by AVIC Group, the largest shareholder [1][3]. - The voting results showed that only about 12.36% of the attending shareholders supported the proposal, while 87.60% abstained, indicating a lack of consensus among shareholders [1][2]. - In contrast, minority shareholders exhibited a different voting trend, with 58.34% in favor, 37.74% against, and only 3.92% abstaining [2]. Group 2: Changes in Investment Management System - The revised investment management system shifted from a "person authorization" model to a "matter approval" model, decentralizing investment decision-making authority to the board of directors, shareholders' meeting, and the general manager's office [1][5][6]. - The previous system allowed the chairman to make decisions on investments below 10% of the company's audited net assets, while the new system emphasizes collective decision-making without individual authorization for the chairman [5][6]. - The new system establishes clear thresholds for investment activities, requiring different levels of approval based on the scale and impact of the transactions [6].
21亿股弃权！中航成飞《投资管理制度》修订议案未通过，大股东或是弃权方