This morning, ZTE held its 2017 annual general meeting of shareholders in Shenzhen headquarters. This is also the first positive dialogue between executives and shareholders after the US 'ban on embargo' on April 16.
At the shareholders' meeting, Yin Yimin, Chairman of ZTE, President Zhao Xianming and nominated executive directors Li Zixue, Li Buqing, Gu Junying, Zhu Weimin and Fang Wei, independent director candidates Cai Manli, Yuming Bao (Bao Yuming) and Wu Jundong.
At the shareholders meeting, Yin Yimin said that in the past two months, the company has made various plans, including a very thorough recovery plan, which allows us to resume operations immediately after the embargo is cancelled. The plan for the embargo continues to be carried out; the plan for the case where the embargo continues unresolved. At present, the company has full confidence.
Regarding the previously announced profit distribution plan for 2017, Yin Yimin said that the dividend of 1.3 billion yuan will not cause huge impact. In view of the fact that the company is still refusing to make orders, I hope that every cash will be used for the implementation. I suggest that everyone vote carefully, Yin Yimin himself voted. Black.
At the scene, there were small investors who said that they lost more than 1 million and were still owed more than 300,000 by the bank. What happened in this situation? The management of the site was silent for half a minute. Then Yin Yimin, chairman of the board, said that it was a difficult answer. Problem, a very heavy topic.
'This incident has caused shareholders to lose money economically. Sorry everyone, I think it is also very embarrassing.' Yin Yimin said.
The general meeting will nominate five non-independent directors and three independent non-executive directors. Yin Yimin responded that eight newly nominated candidates have extensive experience in their respective fields, and the new board should be a strong leader. Through the difficult team, he has high trust and expectations for the new board.
Zhao Xianming, president of ZTE, said that after the unforeseen event was issued, it had a major impact on the company. In the two and a half months time, the core competencies were still maintained for the company, especially in terms of research and development capabilities. Under the guidance of the compliance policy, Some of the R&D has not been seriously affected, and the work is still in full swing, but some of the work involved in the standardization organization has been affected. Overall there has been no serious impact. The ZTE 5G capability is still growing. The company is confident that after the ban is lifted, Revert to normal status in a short time and recover losses.
Candidate executive director Li Zixue stated that the current refusal order has not been lifted, and the main task behind the candidate director is still to boost the company’s confidence and resume production as soon as the refusal order is lifted.
According to previous media reports, Li Zixue is expected to serve as the new chairman of ZTE.
In addition to reviewing the annual resolutions such as the 2017 annual report, the profit distribution plan, and other ordinary resolutions, the major shareholder Zhongxingxin Communication Co., Ltd. submitted to the Board of Directors, based on an agreement with the U.S. Department of Commerce (BIS), about the amendments. <公司章程>and <董事会议事规则>Proposal on the Provisions, Three Provisional Proposals on Election of Non-Independent Directors and Proposal on Election of Independent Non-Executive Directors, nomination of 5 non-independent directors and 3 independent non-executive directors, intended to restructure the board of directors. In addition, the proposal of the general meeting of shareholders also includes a proposal to apply to Bank of China for a comprehensive credit line of RMB 30 billion, and a proposal to apply for a comprehensive credit line of US$6 billion to the Shenzhen Branch of China Development Bank.