Group 1 - The company held its 21st meeting of the second board of directors on May 28, 2025, with all 8 directors present, and the meeting was chaired by Chairman Zhen Lixin [2][3] - The board approved the proposal to cancel the supervisory board, transfer its powers to the audit committee of the board, and amend the company’s articles of association accordingly [3][4] - The company plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its global brand recognition and competitiveness [14][107] Group 2 - The board approved the issuance of H-shares, with a maximum of 15% of the total share capital post-issuance allocated for this purpose, and authorized the board to determine the final issuance details [24][117] - The issuance will be conducted through public offerings in Hong Kong and international placements, with pricing based on market conditions and investor demand [22][119] - The company aims to use the funds raised from the H-share issuance for AI technology development, product innovation, and global expansion [42] Group 3 - The company will transition to a foreign-funded joint-stock company after the H-share issuance and listing, allowing it to be publicly listed on both the Shanghai Stock Exchange and the Hong Kong Stock Exchange [35] - The board proposed to adjust the remuneration of independent directors from 80,000 RMB to 150,000 RMB per year to align with industry standards and enhance motivation [95] - The company plans to hold its first extraordinary general meeting of 2025 on June 18, 2025, to discuss the approved proposals [98]