General Provisions - The audit committee is established to enhance the decision-making function of the board of directors, ensuring effective supervision of the management team and improving corporate governance structure [4][5] - The audit committee's resolutions must comply with the company's articles of association and relevant laws and regulations [4] Composition of the Audit Committee - The audit committee consists of three directors who are not senior management, with at least two independent directors, one of whom must be an accounting professional [4][5] - The committee members are nominated by the chairman, more than half of the independent directors, or one-third of all directors, and elected by the board [4][5] Responsibilities and Authority - The audit committee is responsible for reviewing financial information, supervising internal and external audits, and evaluating internal controls [11][12] - Key matters requiring the committee's approval include the disclosure of financial reports, hiring or firing external auditors, and appointing or dismissing the CFO [11][12] Meeting Procedures - The audit committee must hold at least four regular meetings annually, with the possibility of additional temporary meetings as needed [6][10] - Meetings can be conducted in person or via video/phone, and a quorum requires attendance from at least two-thirds of the members [6][10] Voting and Decision-Making - Decisions are made through a majority vote of the attending members, and each member has one vote [9][11] - The committee's resolutions must be documented and reported to the board of directors promptly [14][41] Reporting and Documentation - The audit committee must disclose its annual performance in the company's annual report, including meeting attendance and specific responsibilities fulfilled [15][41] - Meeting records must be accurate and comprehensive, reflecting the opinions expressed by members and signed by attendees [41][42]

Core Points - The document outlines the operational guidelines for the General Manager and other senior management personnel of Yangzhou Huitong Technology Co., Ltd, aiming to enhance the company's governance structure and ensure efficient performance of duties [2][3]. Group 1: General Provisions - The General Manager is responsible for the daily management of the company under the leadership of the Board of Directors, implementing resolutions from the shareholders' meeting and the Board [2]. - The company may appoint one Executive Vice President and several Vice Presidents to assist the General Manager [2]. Group 2: Appointment and Dismissal of Senior Management - The General Manager is appointed by the Board of Directors, while other senior management personnel are nominated by the General Manager and appointed by the Board [4]. - Senior management personnel must be independent of controlling shareholders and cannot hold positions in other companies controlled by them [4][5]. Group 3: Responsibilities and Authority of the General Manager - The General Manager has the authority to manage the company's operations, implement annual business plans, and propose adjustments to management systems as needed [4][5]. - The General Manager is responsible for establishing effective employee incentive mechanisms and overseeing human resource development plans [4][5]. Group 4: General Manager Meetings - The General Manager can convene meetings to analyze the implementation of annual business plans and arrange subsequent work [5][6]. - Meeting minutes are to be signed by the General Manager and distributed for execution [8]. Group 5: Reporting and Oversight - The General Manager must regularly report to the Board on various aspects, including financial reports, implementation of annual plans, and significant contract execution [10][36]. - The General Manager is also required to report on the company's financial status and any major investment project progress [36][38].

Core Insights - Billionaire Ray Dalio has completely exited his remaining shares in Bridgewater Associates, marking the end of a complex leadership transition and ownership structure for the hedge fund he founded [3][4] - Bridgewater repurchased Dalio's remaining shares and subsequently issued new shares to the Brunei Investment Agency, which acquired nearly 20% of the firm in a multi-billion dollar transaction [3][7] - The transition is expected to simplify Bridgewater's governance structure and allow the firm to refocus on investment performance, as its assets under management have significantly decreased from $168 billion at the end of 2019 to an estimated $92.1 billion by the end of 2024 [3][5] Leadership Transition - The leadership transition process initiated by Dalio in 2011 has been described as lengthy and challenging, culminating in his complete exit from ownership and board roles [4][5] - Despite stepping down from various leadership positions, Dalio remained actively involved in company affairs until his full exit, which is anticipated to remove governance obstacles [5] Shareholder Changes - The Brunei Investment Agency, a long-term investor in Bridgewater, has now become one of the largest shareholders following the conversion of its investment in Bridgewater products into equity [8][9] - Although the Brunei fund holds a significant stake, Bridgewater's co-CIO Bob Prince still retains a larger ownership percentage [9]

Core Points - The establishment of the Strategic Committee aims to enhance the company's core competitiveness and improve decision-making processes for major investments [1][2] - The committee is composed of at least three directors, including one independent director, and is responsible for long-term strategic planning and significant investment decisions [4][5] - The committee's proposals must be submitted to the board of directors for review and approval [3][6] Section Summaries General Provisions - The Strategic Committee is established to adapt to the company's strategic development needs and improve the quality of major investment decisions [1] - The committee operates independently and is not influenced by other departments within the company [1][2] Composition and Personnel - The committee consists of at least three directors, with the chairman of the company serving as the committee's head [4][5] - If the number of committee members falls below two-thirds of the required number, the board must promptly appoint new members [5] Responsibilities and Authority - The committee is responsible for researching and proposing suggestions on the company's long-term development strategies, major investments, and operational strategies [10][11] - The committee can track the implementation of its proposals and is authorized to engage external advisors if necessary [12][13] Meeting Procedures - The committee must hold at least one regular meeting each fiscal year, with provisions for both regular and temporary meetings [14][15] - A quorum requires the presence of more than two-thirds of the committee members, and decisions are made based on majority votes [17][22] Documentation and Confidentiality - Meeting records must be maintained for at least ten years, and committee members are obligated to keep company-related information confidential until publicly disclosed [25][27] Implementation - The rules outlined in the working guidelines will take effect upon approval by the board of directors [29]

Core Points - The company plans to cancel its supervisory board and transfer its responsibilities to the audit committee of the board of directors to enhance corporate governance [1][2] - The company will revise its articles of association and related rules in accordance with the latest amendments to the Company Law of the People's Republic of China and other relevant regulations [1][2] - The supervisory board will continue to fulfill its duties until the shareholders' meeting approves the cancellation [1] Summary by Sections - **Corporate Governance Changes** - The company aims to improve its governance structure by abolishing the supervisory board and reallocating its powers to the audit committee [1] - The relevant rules governing the supervisory board will be abolished [1] - **Regulatory Compliance** - The revisions to the articles of association and meeting rules are in line with the latest legal requirements and the company's actual situation [1][2] - The company will seek authorization from the shareholders' meeting to handle necessary business registration changes [2] - **Acknowledgment of Contributions** - The company expresses gratitude to the current members of the supervisory board for their diligent work and contributions during their tenure [1]

Group 1 - Bridgewater Associates has completed a significant ownership transition with the repurchase of all remaining shares held by Ray Dalio, marking the end of a 13-year succession plan initiated in 2011 [1][2] - The new shareholder, Brunei Investment Agency, acquired nearly 20% of Bridgewater's equity, becoming one of the largest shareholders, which may alter the company's governance structure and focus on investment performance [2][3] - Ray Dalio's retirement journey has been complex, with his initial succession plan announced over a decade ago, and he officially transferred control to the board in October 2022, marking a significant moment in the hedge fund industry [3] Group 2 - Bridgewater's assets under management have significantly decreased from $168 billion at the end of 2019 to an estimated $92.1 billion by the end of 2024, indicating challenges faced by the firm [3] - Despite the decline in assets, Bridgewater's flagship fund, Pure Alpha, achieved a return of 11.3% in 2024, outperforming the overall hedge fund industry, with a further 17% increase recorded in the first half of 2025 [3]

Core Viewpoint - Ray Dalio has sold his remaining shares in Bridgewater Associates and exited the board, marking the completion of a succession plan initiated over 13 years ago, which aims to transition leadership to the next generation [1][2]. Group 1: Ownership Transition - The sale of Dalio's shares simplifies Bridgewater's governance structure and allows the firm to refocus on investment performance [2]. - The transaction involved Bridgewater repurchasing Dalio's remaining shares and subsequently issuing new shares to the Brunei Investment Agency, which now holds nearly 20% of the company, becoming one of its largest shareholders [1][2]. - Despite the significant stake held by the Brunei Investment Agency, Bridgewater's co-CIO Bob Prince retains a larger ownership percentage [2]. Group 2: Financial Performance - Bridgewater's assets under management have significantly decreased from $168 billion at the end of 2019 to an estimated $92.1 billion by the end of 2024 [2]. - The flagship fund, Pure Alpha, has shown improvement in performance after limiting its size, achieving an 11.3% return in 2024 and a 17% increase in the first half of 2025 [2]. Group 3: Economic Concerns - Dalio has issued warnings regarding the worsening U.S. debt crisis, likening it to an impending "economic heart attack," emphasizing that U.S. spending exceeds income by 40% [3]. - He cautions that the rising debt interest payments are severely constraining purchasing power, potentially leading to a financial crisis and systemic collapse if new debt is issued merely to cover existing interest payments [3].

Core Viewpoint - Ray Dalio has completely exited his remaining shares in Bridgewater Associates and stepped down from the board, marking the end of a complex leadership transition and ownership structure for the hedge fund he founded [1][3]. Group 1: Leadership Transition - The completion of Dalio's exit signifies the end of a succession plan initiated in 2011, which has been described as lengthy and challenging [2][4]. - The transition involved various CEO combinations, with one former CEO even suing the company, highlighting the difficulties faced during this period [5]. - Dalio's full exit is expected to eliminate governance obstacles, allowing the firm to refocus on investment performance [6]. Group 2: Ownership Changes - Bridgewater repurchased Dalio's remaining shares and subsequently issued new shares to the Brunei Investment Agency, which acquired nearly 20% of the company [7][8]. - This transaction, valued in the billions, positions the Brunei sovereign wealth fund as one of Bridgewater's largest shareholders [8][9]. - Despite the significant stake held by the Brunei fund, Bridgewater's co-CIO Bob Prince retains a larger ownership percentage [10]. Group 3: Performance Metrics - Bridgewater's assets under management have significantly decreased from $168 billion at the end of 2019 to an estimated $92.1 billion by the end of 2024 [2]. - The flagship fund, Pure Alpha, has shown improvement in performance after limiting its size, achieving an 11.3% return in 2024 and a 17% increase in the first half of 2025 [2].

Core Points - Billionaire Ray Dalio has completely exited his remaining shares in Bridgewater, marking the end of a complex leadership transition and the ownership structure of the hedge fund he founded [1][2] - Bridgewater repurchased Dalio's remaining shares and issued new stock to the Brunei Investment Agency, which acquired nearly 20% of the company, making it one of the largest shareholders [1][4] - The transition is seen as a simplification of Bridgewater's governance structure, allowing the firm to refocus on investment performance after a significant decline in assets under management [1][3] Company Transition - Dalio's exit concludes a succession plan initiated in 2011, which was described as a lengthy and challenging process [2] - The company experimented with various CEO combinations during this period, with some executives leaving under contentious circumstances [3] - Dalio's complete withdrawal from ownership and the board is expected to eliminate governance obstacles, as he had previously remained actively involved in company affairs [3] Shareholder Changes - The transaction involving the Brunei Investment Agency represents a shift from investment in Bridgewater's products to direct equity investment in the company [4] - Despite the significant stake acquired by the Brunei fund, Bridgewater's co-CIO Bob Prince retains a larger ownership percentage [4]

Core Viewpoint - The establishment of the Strategic Committee aims to enhance the company's core competitiveness, improve decision-making efficiency and quality in major investments and capital operations, and strengthen corporate governance [1]. Group 1: General Provisions - The Strategic Committee is a specialized working body established by the Board of Directors to research and propose suggestions on the company's medium to long-term development strategy and major investment decisions [1][2]. - The committee consists of directors, with independent directors making up the majority and serving as conveners [2]. Group 2: Responsibilities and Authority - The Strategic Committee is responsible for researching and deciding whether to submit the company's medium to long-term development strategy and major investment projects for Board review [2]. - It conducts feasibility studies, negotiations, due diligence, and contract signing for significant new investment projects and decides on submission to the Board [2]. - The committee also researches major financing matters, such as stock and bond issuance, and decides on submission to the Board [2]. - It monitors and manages the implementation of approved matters and handles other tasks authorized by the Board [2]. Group 3: Meeting Rules - The Strategic Committee holds meetings based on the chairman's proposal, notifying all members seven days in advance [3]. - A quorum of two-thirds of the members is required for meetings, and decisions must be approved by a majority [3]. - The committee can invite company directors and executives to attend meetings and may hire intermediaries for professional advice [3][4]. Group 4: Supplementary Provisions - The implementation rules will follow national laws and regulations, and any conflicts with updated laws or company articles will be revised accordingly [5]. - The rules become effective after being approved by the Board and the shareholders' meeting, with provisions related to stock listing to be implemented post-listing [5].