Core Viewpoint - The company, COSCO Shipping Development Co., Ltd., is undergoing significant changes in its corporate governance structure, including a reduction in registered capital and the cancellation of the supervisory board, which reflects a strategic shift in its operational framework [1][2][3]. Company Announcements - COSCO Shipping Development's board approved several resolutions, including a reduction in registered capital by 216,682,794 shares, bringing the total registered capital down to RMB 13,356,617,112 [1][3]. - The company has repurchased and canceled 219,321,500 shares since February 1, 2023, and has issued an additional 2,638,706 shares due to stock option exercises [1]. - The company plans to build 10 bulk carriers of 210,000 tons and lease them to COSCO Shipping Bulk Transport Co., Ltd., with an annual rent of up to RMB 6,380 million per vessel [3][5]. - COSCO Shipping Development intends to construct 4 asphalt carriers of 9,000 tons, with a unit cost of RMB 201.5 million for domestic and foreign trade vessels [3]. - The company will also engage in a sale-leaseback transaction for a 27,100 cubic meter QC-Max LNG vessel, with a purchase price not exceeding USD 36.069 million [3]. Corporate Governance Changes - The company plans to abolish the supervisory board and amend various governance documents, including the Articles of Association and rules for shareholder and board meetings, in compliance with the new Company Law effective from July 1, 2024 [2]. - The company will change its registered address to the China (Shanghai) Pilot Free Trade Zone and appoint the chairman as the legal representative [2]. - The board will include at least three independent non-executive directors, with one being a professional accountant [2]. Leadership Changes - Non-executive director Liang Yanfeng has resigned due to age-related reasons, effective immediately upon submission of his resignation [3][4]. - Liang Yanfeng's departure will not affect the minimum number of board members or the company's normal operations [3].