At 9 a.m. of June 29, the 2017 annual ZTE shareholders’ meeting is held at the company’s headquarters in Shenzhen.
The meeting deliberates general issues including 2017 Annual Report and Profit Distribution Plan as well as three interim motions proposed by ZTE Holdings, a major shareholder, namely, “Motion on Revising Relevant Provisions in ‘Company Charter’ and ‘Rules of Procedure with Board of Directors’”, “Motion on Electing Non-Independent Directors” and “Motion on Electing Independent Non-Executive Directors”. Five non-independent directors and three independent non-executive directors are nominated.
Industry insiders believe this meeting would elect a new board of directors. A source says Zixue Li, CPC Party secretary and deputy director of Xi’an Microelectronics Technology Institute, will be appointed the new chairman of ZTE.
ZTE Chairman Yimin Yin, CEO Xianming Zhao, the newly nominated non-independent directors, Zixue Li, Buqing Li, Junying Gu, Weimin Zhu and Rong Fang, as well as the newly nominated independent non-executive directors, Manli Cai, Yuming Bao and Jundong Wu attends the meeting.
ZTE Chairman Yimin Yin chairs the meeting. He is delivering the work report of Board of Directors.