Shanghai Longcheer Technology Co., Ltd. – EGM Poll Results and Appointment of H-Share Auditor
Shanghai Longcheer Technology Co., Ltd. Announces Poll Results of 2026 First Extraordinary General Meeting (EGM)
Key Developments from the EGM
- The 2026 First Extraordinary General Meeting (EGM) was successfully held on March 4, 2026, at 2:00 p.m. in Shanghai.
- The main agenda was the appointment of Ernst & Young as the H-Share auditor for the Company to prepare the audit report for the financial year ended December 31, 2025.
- The resolution was duly passed by a significant majority via poll voting.
Attendance and Voting Details
- H Shares: 52,259,100 in issue, with 5,520,200 (10.56%) present or by proxy.
- A Shares: 462,831,607 in issue (excluding 1,229,937 A Shares in the share repurchase account and 6,270,000 A Shares held for the Employee Stock Ownership Scheme), with 224,476,462 (48.50%) present or by proxy.
- Total Shares: 515,090,707 in issue, with 229,996,662 (44.65%) present at the EGM.
- All directors and senior management attended, either in person or via telecommunication.
Poll Results
| Resolution |
For |
Against |
Abstain |
Outcome |
| Appointment of Ernst & Young as H-Share auditor to prepare audit report for FY2025 and authorization of management to handle engagement and auditor’s remuneration |
229,747,162
(99.8915%) |
140,200
(0.0609%) |
109,300
(0.0476%) |
Passed |
The appointment of Ernst & Young was overwhelmingly approved, with nearly 99.9% of the votes cast in favor. No shareholders were required to abstain, and there was no indication of opposition or abstention in advance.
Implications for Shareholders
-
Appointment of Ernst & Young as H-Share Auditor: The engagement of a reputable international auditor like Ernst & Young enhances transparency and could bolster investor confidence in the Company’s financial reporting for the year ended December 31, 2025.
-
Price Sensitivity: The choice of auditor, especially a firm with Ernst & Young’s global reputation, is a material event that could potentially impact the Company’s share price by strengthening corporate governance and potentially lowering perceived risk.
-
Authorization to Management: The EGM also granted broad authority to the Company’s senior management to handle all matters relating to the engagement, including determining the auditor’s remuneration based on work scope and prevailing market rates. This flexible approach may allow the Company to ensure cost effectiveness and timely completion of the audit process.
Procedural Notes
-
The H share registrar (Computershare Hong Kong Investor Services Limited), DeHeng Shanghai Law Office, and shareholder representatives acted as scrutineers for the poll voting process, ensuring transparency and fairness.
-
As of the announcement, the Board comprises seven directors, including both executive and independent non-executive directors, demonstrating a balanced governance structure.
-
There were no shares or shareholders required to abstain from voting, and no party had indicated an intention to oppose or abstain, highlighting broad consensus among investors.
Conclusion
The decisive approval of Ernst & Young’s appointment and the strong shareholder turnout underscore a robust governance environment at Shanghai Longcheer Technology Co., Ltd. Investors may view this development as a positive signal of the Company’s commitment to high standards of financial reporting and transparency, which are critical factors in sustaining and enhancing shareholder value.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should make independent assessments and consult professional advisors before making investment decisions. The author and publisher do not accept liability for any loss arising from reliance on this information.
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