Shede Spirits Board Overhaul: Chairman Pu Jizhou Exits as Ten Director Nominees Put Forward

Shede Spirits convened the 23rd meeting of its 11th board of directors by written resolution on September 11, 2026. Meeting notices had been delivered to all directors in writing and by email on September 8, 2026. All 11 directors were expected and all 11 attended. Chairman Pu Jizhou presided, and the proposal on the board's re-election was approved with 11 votes in favor, none against and no abstentions.

The 11th board nominated Ye Weiling, Liu Haiying, Chen Chunlin, Chen Yihang, Yu Zhen, Zhou Bo, Tang Hui, Huang Zhen, Xie Youping and Tan Xiangyang as candidates for the 12th board. Among them, Ye Weiling, Liu Haiying, Yu Zhen and Xie Youping are independent director candidates and must pass review by the Shanghai Stock Exchange without objection. The proposal still requires approval by the company's shareholders meeting.

The 11th board's term expires on September 20, 2026. Current Chairman Pu Jizhou does not appear on the ten-person candidate list, which is ordered by the number of strokes in surnames. The announcement also stated that, to ensure continuity and stability in corporate governance, all directors of the 11th board will continue to perform their duties and obligations until the shareholders meeting elects a new board. Pu Jizhou is performing his duties normally as current chairman and presided over this board meeting. People familiar with the matter said the company plans a new appointment for Pu Jizhou after the shareholders meeting.

Several candidates have Fosun Group backgrounds. Huang Zhen is an executive director of Fosun International and chairman of Yuyuan, and is already a Shede Spirits director. Chen Chunlin is a vice president of Fosun International and co-CFO of Fosun Group and general manager of its financial management department. Chen Yihang is president of Yuyuan. Zhou Bo is executive president, CHO and general manager of the human resources center at Yuyuan, and has served as a Shede Spirits director since January 2023. Tang Hui, current president of Shede Spirits, is also among the candidates. In addition, Tan Xiangyang is a new face with a local state-capital background. Born in 1986, he is a member of the Communist Party of China and holds a postgraduate degree. He has served as deputy director, director and standing committee member of the Shede County discipline inspection commission office, deputy secretary of the Shede City discipline inspection commission and deputy director of the Shede City supervisory commission and a first-grade inspector, and party secretary and director of the Shede City finance bureau, concurrently serving as director of the Shede City state-owned assets supervision and administration bureau. The independent director candidates include a professor at Shanghai University of Finance and Economics, a certified public accountant, and a doctor of law and first-grade lawyer.

The meeting also approved the proposal to convene the company's second extraordinary shareholders meeting of 2026. The company plans to hold the meeting on September 29, 2026, combining on-site voting and online voting. The ten director candidates will then be submitted to the shareholders meeting for review, and once elected will form the 12th board together with employee representative directors. After the new board is established, the chairman will be elected by the new board.