Measures for the Administration of Related Transactions of Wuhan Keqian Biotechnology Co., Ltd.
October 2025
Chapter 1 General Provisions
Article 1 is to standardize the corporate governance structure of Wuhan Keqian Biology Co., Ltd. (hereinafter referred to as the "Company" or the "Company"), establish and improve the internal control system, standardize the management of related transactions, effectively safeguard the legitimate rights and interests of the company and all shareholders (especially small and medium-sized investors), and ensure the related transaction agreements/contracts entered into between the company and related parties. are consistent with the principles of fairness, openness and impartiality, in accordance with the Company Law of the People's Republic of China (hereinafter referred to as the "Company Law"), the Securities Law of the People's Republic of China, the Shanghai Stock Exchange Science and Technology Innovation Board Stock Listing Rules (hereinafter referred to as the "Listing Rules"), and the Shanghai Stock Exchange's Self-Regulatory Supervision Guidelines for Listed Companies No. 5 No. - Transactions and Related Transactions" and the "Articles of Association of Wuhan Keqian Biotechnology Co., Ltd." (hereinafter referred to as the "Articles of Association") and other relevant provisions, these measures are formulated based on the actual situation of the company.
Chapter 2 Related Transactions and Related Persons
Article 2 A company's related transactions refer to matters that may result in the transfer of resources or obligations between the company or its wholly-owned or controlled subsidiaries (hereinafter collectively referred to as "subsidiaries") and the company's related parties, including the following matters:
(1) Purchase or sell assets;
(2) External investment (except for purchasing low-risk bank financial products);
(3) Provide financial assistance (including interest or interest-free loans, entrusted loans, etc.);
(4) Providing guarantees (including guarantees for holding subsidiaries, etc.);
(5) Lease or lease assets;
(6) Entrust or entrust management of assets and business;
(7) Donating or receiving donated assets;
(8) Creditor's rights and debt restructuring;
(9) Transfer or transfer of research and development projects;
(10) Sign a license agreement;
(11) Waiver of rights (including waiver of preemptive rights, preemptive subscription rights, etc.)
(12) Purchase raw materials, fuel, and power;
(13) Selling products and merchandise;
(14) Providing or accepting labor services;
(15) Entrusted or entrusted sales;
(16) Deposits and loans in related party financial companies;
(17) Other agreed agreements determined by the Shanghai Stock Exchange in accordance with the principle of substance over form may cause
Matters that result in the transfer of resources or obligations.
Article 3 Related parties of a company refer to natural persons, legal persons or other organizations that have one of the following circumstances:
(1) Natural persons, legal persons or other organizations that directly or indirectly control the company;
(2) Natural persons who directly or indirectly hold more than 5% of the company’s shares;
(3) Directors and senior managers of the company;
(4) Family members who are closely related to the related natural persons mentioned in items (1), (2) and (3) above, including spouses, children over 18 years old and their spouses, parents and spouse’s parents, brothers and sisters
sister and her spouse, spouse’s brothers and sisters, children’s spouse’s parents;
(5) Legal persons or other organizations that directly hold more than 5% of the company's shares and their persons acting in concert;
(6) Directors, supervisors, senior managers or other legal persons or other organizations that directly or indirectly control the company
Other principal persons in charge;
(7) Directly or indirectly controlled by the related legal persons or related natural persons listed in items (1) to (6) above, or the aforementioned related natural persons (except independent directors) serve as directors or senior managers
Legal persons or other organizations of persons, except companies and holding subsidiaries;
(8) Legal persons or other organizations that indirectly hold more than 5% of the company’s shares and their persons acting in concert;
(9) The China Securities Regulatory Commission (hereinafter referred to as the "China Securities Regulatory Commission"), the Shanghai Stock Exchange or other companies identified by the company based on the principle of substance over form may have special relationships with the company.
Natural persons, legal persons or other organizations that cause the company's interests to tilt towards it.
Within 12 months before the date of the transaction, or within 12 months after the relevant transaction agreement came into effect or the arrangement was implemented, any legal person, other organization or natural person who has one of the circumstances listed in the preceding paragraph shall be deemed to be a related party of the company.
Article 4 The company's directors, senior managers, shareholders holding more than 5% of the shares, and persons acting in concert and actual controllers shall promptly submit to the company's board of directors a list of the company's related persons and an explanation of the related relationships, and the company's securities department shall report it to the Shanghai Stock Exchange for filing.
Article 5 The company's audit committee shall confirm the list of related persons of the company and update it in a timely manner to ensure that the list of related persons is true, accurate and complete, and report to the board of directors in a timely manner.
The company should promptly fill in or update the list of related persons and related relationship information online through the "Business Area of Listed Companies" on the Shanghai Stock Exchange website.
When transactions occur between the company and its subsidiaries, the relevant responsible persons should carefully check the list of related parties and prudently determine whether it constitutes a related transaction. If it constitutes a related party transaction, the approval and reporting obligations shall be fulfilled within their respective authority.
Article 6 The company shall disclose the relationship between related parties and the company layer by layer, explaining:
(1) The full name and organizational code of the controlling party or share holder (if any);
(2) The full name and organizational code of the controlled party or invested party (if any);
(3) The proportion of the total share capital of the controlled party or invested party held by the controlling party or investor, etc.
Chapter 3 Basic Principles of Related Party Transactions
Article 7 The company’s related-party transactions shall follow the following basic principles:
(1) Comply with the principle of good faith;
(2) Comply with the principles of fairness, openness and impartiality;
(3) Principles that are conducive to the company's operation and development; the company's board of directors should judge whether the related party transaction is beneficial to the company based on objective standards, and if necessary, can hire an independent financial consultant or professional appraiser to audit or evaluate the subject matter of the transaction;
(4) Principle of avoidance of related persons.
Chapter 4 Pricing of Related Party Transactions
Article 8 Related transaction prices refer to the transaction prices of goods or services involved in related transactions between the company and related parties. When a company conducts related-party transactions, it must sign a written agreement to clarify the rights, obligations and legal responsibilities of both parties to the transaction, as well as the pricing policy for related-party transactions. During the execution of a related-party transaction, if the transaction price and other major terms in the agreement change significantly, the company shall re-perform the corresponding approval procedures based on the changed transaction amount.
Article 9 The pricing of the company’s related-party transactions shall be fair and shall be implemented in accordance with the following principles:
(1) If the transaction is subject to government pricing, the price may be directly applied;
(2) If the transaction items are subject to government-guided prices, the transaction can be reasonably determined within the scope of the government-guided prices.
Price;
(3) In addition to government pricing or government-guided prices, there is a comparable independent third-party market for transaction matters
If there is a price or charging standard, the transaction price can be determined with priority reference to the price or charging standard;
(4) If there is no comparable independent third-party market price for related matters, transaction pricing can refer to the relationship between the related party and
The price of non-related transactions occurs with a third party that is independent of related parties;
(5) If there is neither an independent third-party market price nor an independent non-related transaction price for reference, a reasonable constituted price can be used as the basis for pricing, and the constituted price is reasonable costs plus reasonable costs.
profit.
Article 10 When a company determines the price of a related-party transaction in accordance with Item (3), (4) or (5) of Article 9, it may adopt the following pricing methods depending on the circumstances of the related-party transaction:
(1) The cost-plus method is based on the reasonable costs of related transactions plus the gross profit of comparable non-related transactions. Applicable to procurement, sales, transfer and use of tangible assets, provision of labor services, and financing
and other related transactions;
(2) The resale price method uses the price at which the goods purchased by related parties are resold to non-related parties minus the gross profit of comparable non-related transactions as the fair transaction price of goods purchased by related parties. Applicable to resellers who have not made any substantial value-added additions such as changing the appearance, performance, structure or replacing trademarks of the goods.
Simple processing of labor or simple purchase and sale business;
(3) Comparable uncontrolled price method, based on the same or similar business as related transactions conducted between unrelated parties
Pricing at the price charged for the event. Applicable to all types of related party transactions;
(4) Transaction net profit method, which determines the net profit of related transactions based on the profit level indicators of comparable non-related transactions.
Run. Applicable to related transactions such as procurement, sales, transfer and use of tangible assets, provision of labor services, etc.;
(5) Profit split method, which calculates the amount of profit that the company and related parties should distribute based on their contribution to the combined profits of related transactions. Applicable to transactions involving related parties that are highly integrated and difficult to assess individually.
the results of the transaction.
Article 11 If the company's related-party transactions cannot be priced according to the above principles and methods, the company shall disclose the principles and methods for determining the price of the related-party transactions and explain the fairness of the pricing.
Article 12 Payment of related transaction price: Both parties to the transaction shall calculate the transaction price based on the price agreed in the related transaction agreement and the actual transaction quantity, and pay according to the payment method and payment time agreed in the related transaction agreement.
Chapter 5 Review Procedure for Related Party Transactions
Article 13 The following related-party transactions (except for the company providing guarantees, receiving cash assets as gifts, and simply reducing debts from the company's obligations) shall be reviewed and approved by the general manager of the company:
(1) Related transactions between the company and related natural persons with a transaction amount of less than RMB 300,000;
(2) The transaction amount between the company and related legal persons is less than RMB 3 million, or less than the company’s recent
Related transactions amounting to 0.1% of the audited total assets or market value of the first period.
Article 14 If the following related-party transactions (except for the company providing guarantees, receiving cash assets as gifts, and simply reducing the debt of the company's obligations) meet one of the following standards, the board of directors' review procedures must be completed with the consent of more than half of all independent directors, and the board of directors must be disclosed in a timely manner:
(1) Related transactions with a transaction amount of more than RMB 300,000 between the company and related natural persons,
However, related transactions that have not yet reached the shareholders’ meeting review standards stipulated in Article 15;
(2) The transaction amount between the company and a related legal person exceeds RMB 3 million and accounts for more than 0.1% of the company’s latest audited total assets or market value, but has not yet reached the provisions of Article 15
shareholders meeting to review standard related-party transactions.
Article 15 If the transaction amount between a company and a related party exceeds RMB 30 million and accounts for more than 1% of the company's latest audited total assets or market value (except for the company's provision of guarantees, donation of cash assets, and simple debt reduction and exemption of the company's obligations), in addition to timely disclosure, it must also provide an audit or evaluation report on the transaction subject issued by a securities service agency that complies with the provisions of the Securities Law, and submit the transaction to the shareholders' meeting for review.
Article 16 For related transactions mentioned in the preceding article, if the subject matter of the transaction is the company's equity, the company shall provide an audit report issued by an accounting firm that complies with the provisions of the Securities Law on the financial report of the transaction subject for the most recent year and period in accordance with the Accounting Standards for Business Enterprises. The deadline for the audited financial report shall not be more than 6 months from the date of use of the audit report; if the subject matter of the transaction is other non-cash assets other than equity, the company shall provide an assessment report issued by an asset appraisal firm that complies with the provisions of the Securities Law. The assessment base date of the assessment report shall not be more than one year from the date of use of the assessment report.
Related party transactions related to daily operations are exempt from audit or evaluation.
For transactions that do not meet the standards stipulated in the preceding article, if the Shanghai Stock Exchange deems it necessary, the company shall also hire relevant accounting firms or asset appraisal firms to conduct audits or evaluations in accordance with the above provisions.
If a company's transactions meet the standards stipulated in Article 14, and the counterparty uses non-cash assets as transaction consideration or to offset company debts, the company shall disclose an audit report or evaluation report on the assets involved in accordance with the provisions of paragraph 1.
Article 17 If the company provides guarantees to related parties, in addition to the deliberation and approval of a majority of all non-related directors, it must also be reviewed and approved by more than two-thirds of the non-related directors attending the board meeting and a resolution must be made, and submitted to the shareholders' meeting for review.
If the company provides guarantees for shareholders holding less than 5% of the shares, the provisions of the preceding paragraph shall be followed, and the relevant shareholders shall abstain from voting at the shareholders' meeting.
If the company provides guarantees for its controlling shareholder, actual controller and its related parties, the controlling shareholder, actual controller and its related parties shall provide counter-guarantee.
If the company causes the guaranteed party to become a related party of the company due to a transaction or related transaction, when implementing the transaction or related transaction, it shall perform corresponding review procedures and information disclosure obligations with respect to the existing related guarantee.
If the board of directors or shareholders' meeting fails to review and approve the related guarantee matters specified in the preceding paragraph, the parties to the transaction shall take effective measures such as early termination of the guarantee.
Article 18 The company shall not provide financial assistance to related parties, except when it provides financial assistance to a related joint-stock company that is not controlled by the company’s controlling shareholder or actual controller, and other shareholders of the joint-stock company provide financial assistance under the same conditions in proportion to their capital contribution.
If the company provides financial assistance to an affiliated company specified in the preceding paragraph, it must be reviewed and approved by more than half of all non-associated directors, and more than two-thirds of the non-associated directors present at the board meeting, and submitted to the shareholders' meeting for review.
Article 19 When a company jointly invests with a related party and increases or decreases capital in a jointly invested enterprise, the company's investment, capital increase, or capital decrease amount shall be used as the calculation standard, and the provisions of Articles 13, 14, or 15 shall apply. However, if the company's capital contribution reaches the standard stipulated in Article 15, Paragraph 1, and if all investors contribute capital in cash, and the equity ratio of each party in the established company is determined in accordance with the proportion of capital contribution, the requirement to submit it to the shareholders' meeting for review may be exempted.
Article 20 If a company intends to give up the same proportion of capital increase or preferential transfer rights to a company that jointly invests with a related party, the amount involved in the company's surrender of capital increase rights or preferential transfer rights shall be the transaction amount, and the provisions of Articles 13, 14 or 15 shall apply.
If the company's relinquishment of the right to increase capital or the right of preferential transfer will result in a change in the scope of the company's consolidated statements, the transaction amount shall be the total net assets of the company corresponding to the most recent period for which the company intends to give up the right to increase capital or the right of preferential transfer as the transaction amount, and the provisions of Articles 13, 14 or 15 shall apply.
Article 21 If a company conducts the following related-party transactions, the amount of related-party transactions shall be calculated based on the principle of cumulative calculation within 12 consecutive months, and the provisions of Articles 13, 14 or 15 shall apply respectively:
(1) Transactions with the same related party;
(2) Transactions related to the same transaction category with different related parties.
The above-mentioned same related party includes other related parties who are controlled by the same entity as the related party, or have equity control relationships with each other.
Those that have performed relevant decision-making procedures in accordance with the cumulative calculation principle will no longer be included in the relevant cumulative calculation scope.
Article 22 Related transactions listed in Articles 14 and 15 of these Measures shall be reviewed by a special meeting of independent directors and submitted to the board of directors for review after being approved by a majority of all independent directors. When independent directors find that related transactions are unfair or unfair, they should not approve them. Once relevant personnel are found to have violated the company's internal control system and implemented the above-mentioned related transactions, the independent directors have the right to report the relevant situation to the Shanghai Stock Exchange and other regulatory authorities.
Article 23 When the company's board of directors considers related party transactions, related directors shall abstain from voting and shall not exercise voting rights on behalf of other directors. Non-related directors may not entrust related directors to attend on their behalf, and related directors may not accept the entrustment of non-related directors; independent directors may not entrust non-independent directors to attend on their behalf, and non-independent directors may not accept the entrustment of independent directors.
Before the board of directors votes, each director should declare whether he is an associated director. If the related director fails to take the initiative to declare and recuse himself, the director who is aware of the situation should request the related director to recuse himself.
Board meetings can be held only if more than half of the non-related directors are present, and resolutions made at the board meeting must be passed by more than half of the non-related directors. If the number of non-related directors present at the board of directors is less than three, the company shall submit the transaction to the company's shareholders' meeting for review.
The related directors mentioned in the preceding paragraph include the following directors or directors with one of the following circumstances:
(1) Be the counterparty;
(2) Be the direct or indirect controller of the counterparty;
(3) Served in the counterparty of the transaction, or in a legal person or other organization that can directly or indirectly control the counterparty, or a legal person or other organization directly or indirectly controlled by the counterparty;
(4) Family members who are closely related to the natural persons listed in items (1) and (2) above, including spouses, children over 18 years old and their spouses, parents and spouse’s parents, brothers and sisters and their spouses, spouse’s brothers and sisters, and children’s spouse’s parents;
(5) Family members who are closely related to the directors, supervisors or senior managers of the legal persons or organizations listed in items (1) and (2) above, including spouses, children over 18 years old and their spouses, parents and spouse’s parents, brothers and sisters and their spouses, spouse’s brothers and sisters, and children’s spouses
parents;
(1) The China Securities Regulatory Commission, the Shanghai Stock Exchange or the company determines that it is independent based on the principle of substance over form.
Directors whose business judgment may be affected.
Article 24 When the company's shareholders' meeting considers relevant related transactions, related shareholders shall not participate in voting, and the number of shares with voting rights they represent shall not be counted in the total number of valid votes, nor may they exercise voting rights on behalf of other shareholders; the announcement of the resolution of the shareholders' meeting shall fully disclose the voting status of non-related shareholders. The shareholders' meeting will review related party transactions. The avoidance and voting procedures for related shareholders are as follows:
(1) If a matter to be considered by the shareholders’ meeting is related to a shareholder, the shareholder shall attend the shareholders’ meeting
Disclose its related relationship to the company’s board of directors before the date;
(2) When the shareholders’ meeting is reviewing relevant related-party transactions, the host of the meeting announces that the shares with related parties
East, and explain and explain the relationship between related shareholders and related transactions;
(3) Related shareholders should actively avoid and give up their voting rights when voting at the shareholders' meeting. If the related shareholders do not voluntarily withdraw and give up their voting rights, the host of the meeting shall require the related shareholders to recuse themselves.
Shareholders review and vote on related party transactions;
(4) Resolutions on related matters must be passed by more than half of the shares with voting rights of non-related shareholders; special resolutions must be passed by more than 2/3 of the shares of non-related shareholders with voting rights.
passed;
(5) Related shareholders fail to disclose or avoid related matters in accordance with the above procedures.
All resolutions on joint matters are invalid and will be voted on again.
The related shareholders mentioned in the preceding paragraph include the following shareholders or shareholders with one of the following circumstances:
(1) Be the counterparty;
(2) Be the direct or indirect controller of the counterparty;
(3) Directly or indirectly controlled by the counterparty;
(4) Directly or indirectly controlled by the same natural person, legal person or other organization as the counterparty;
(5) Served in the counterparty, or in a legal person or other organization that can directly or indirectly control the counterparty.
Organization, legal person or other organization directly or indirectly controlled by the counterparty;
(6) Close family members who are the counterparty to the transaction or its direct or indirect controller;
(7) Due to the existence of an unfulfilled equity transfer agreement or other unfulfilled equity transfer agreement with the counterparty or its related party
Shareholders whose voting rights are restricted or affected by other agreements;
(8) Stocks that may cause the company to tilt its interests as determined by the China Securities Regulatory Commission or the Shanghai Stock Exchange.
East.
Article 25 When the company is reviewing related party transactions, the relevant responsible persons should have a detailed understanding of the true status of the transaction object, including the current operating conditions, profitability, whether there is any mortgage, litigation or arbitration, etc. When determining the counterparty, you should have a detailed understanding of the counterparty's integrity record, credit status, contract performance capabilities and other relevant information, and select the counterparty based on the principle that is most beneficial to the company.
When determining the transaction price, there should be sufficient pricing basis and prudent judgment. If necessary, an intermediary agency that complies with the provisions of the Securities Law can be hired to audit or evaluate the transaction target.
When the status of the transaction subject matter involved in the related-party transaction is unclear, the transaction price has not been determined, and the situation of the counterparty is unclear, the company's senior management, board of directors, and shareholders' meeting shall not review and make decisions on the related-party transaction.
Article 26 The company should take effective measures to control related parties from occupying or transferring the company’s funds, assets and other resources in various forms, including but not limited to the following situations:
(1) Lending company funds to related parties for use with or without compensation;
(2) Provide entrusted loans to related parties through banks or non-bank financial institutions;
(3) Entrusting related parties to carry out investment activities;
(4) Issuing commercial acceptance bills for related parties without real transaction background;
(5) Repay debts on behalf of related parties;
(6) Other methods determined by the China Securities Regulatory Commission.
Article 27 Independent directors should review the capital transactions between the company and related parties at least every quarter to understand whether the company has been occupied or transferred by the controlling shareholder and its related parties. The company's funds, assets and other resources. If any abnormal situation is discovered, the company's board of directors will be promptly requested to take corresponding measures.
Article 28 If a related party of the company occupies or transfers the company's funds, assets or other resources and causes losses or may cause losses to the company, the company's board of directors shall promptly take protective measures such as litigation and property preservation to avoid or reduce the losses.
Chapter 6 What should be disclosed about related parties and related transactions
Article 29 Any related party transactions mentioned in Articles 14 and 15 of these Measures between a company and related parties shall be disclosed in the form of a temporary report.
Article 30 The company shall disclose major related transactions that occurred during the reporting period in the important matters in the annual report and semi-annual report.
Chapter 7 Special Provisions on Disclosure and Review Procedures for Daily Related Transactions
Article 31 When the company and related parties conduct daily related transactions listed in Items 12 to 16 of Article 2 of these Measures, they shall disclose and perform corresponding review procedures in accordance with the following provisions:
(1) The company can reasonably estimate the annual amount of daily related transactions by category, perform the review procedures and disclose them; if the actual execution exceeds the estimated amount, it should re-perform the review procedures based on the excess amount and
disclosure;
(2) The company's annual report and semi-annual report shall disclose daily related transactions in a classified and summarized manner;
(3) If the daily related transaction agreement signed between the company and its related parties exceeds 3 years, it shall be renewed every 3 years.
Newly perform relevant review procedures and disclosure obligations.
Article 32 A daily related-party transaction agreement shall include the pricing policy and basis, transaction price, total transaction volume range or method of determining the total transaction volume, payment time and method, and other major terms that should be disclosed.
If the agreement does not determine the specific transaction price but only states the reference market price, when the company performs its disclosure obligations in accordance with relevant regulations, it shall simultaneously disclose the actual transaction price, the market price and its determination method, and the reasons for the differences between the two prices.
Chapter 8 Special Provisions on Purchase of Related Party Assets at a Premium
Article 33 When a company purchases assets from a related party, it must be submitted to the shareholders' meeting for review according to regulations and if the transaction price exceeds 100% of the book value of the transaction target, if the counterparty does not provide a profit guarantee, a compensation commitment, or a repurchase commitment for the transaction target within a certain period, the company shall explain the specific reasons, whether it has adopted relevant safeguard measures, and whether it is conducive to protecting the company's interests and the legitimate rights and interests of small and medium-sized shareholders.
Article 34 The company shall provide a profit forecast report on the assets to be purchased. The profit forecast report shall be reviewed by an accounting firm that complies with the provisions of the Securities Law.
If the company is unable to provide a profit forecast report, it should explain the reasons, make a risk warning in the announcement of related transactions, and conduct a detailed analysis of the impact of this related transaction on the company's ability to continue operating and future development.
Chapter 9 Exemptions from Disclosure and Review Procedures for Related Party Transactions
Article 35 When a company enters into the following related transactions with related parties, it may be exempted from review and disclosure as related transactions:
(1) One party subscribes in cash for stocks or convertible corporate bonds issued by the other party to an unspecified object
Or other derivatives, publicly issued corporate bonds (including corporate bonds);
(2) One party serves as a member of the underwriting syndicate to underwrite stocks and convertible companies issued by the other party to unspecified objects.
Bonds or other derivatives, publicly issued corporate bonds (including corporate bonds);
(3) One party receives dividends, bonuses or remuneration in accordance with the resolution of the other party’s shareholders’ meeting;
(4) One party participates in the other party's public bidding or auction, except where it is difficult to reach a fair price through the bidding or auction;
(5) Transactions in which the company obtains unilateral benefits, including receiving cash assets as gifts, obtaining debt relief, accepting guarantees and financial assistance, etc.;
(6) The pricing of related-party transactions shall be stipulated by the state;
(7) The related party provides funds to the company, and the interest rate is no higher than the loan market quotation rate stipulated by the People's Bank of China, and the company has no corresponding guarantee for this financial assistance;
(8) The company provides products and services to directors and senior managers on the same transaction terms as non-related parties;
(9) Other circumstances determined by the Shanghai Stock Exchange.
Article 36 If the related party transactions to be disclosed by the company are state secrets, commercial secrets or other circumstances recognized by the Shanghai Stock Exchange, and disclosure or performance of relevant obligations in accordance with these Measures may cause it to violate national laws and regulations on confidentiality or seriously damage the interests of the company, the company may apply to the Shanghai Stock Exchange for exemption from disclosure or performance of relevant obligations in accordance with these Measures.
Chapter 10 Supplementary Provisions
Article 37 Matters not covered in these Measures shall be handled in accordance with relevant national laws, administrative regulations, rules, "Listing Rules", other normative documents and the "Articles of Association". If these Measures conflict with laws, administrative regulations, rules, "Listing Rules", other normative documents promulgated by relevant state departments or agencies in the future, or the "Articles of Association" modified through legal procedures, the laws, administrative regulations, rules, "Listing Rules", other normative documents and "Articles of Association" promulgated by relevant state departments or agencies in the future shall prevail, and shall be revised accordingly and submitted to the shareholders' meeting for review and approval.
Article 38 The company’s board of directors is responsible for the interpretation and revision of these Measures.
Article 39 These Measures shall come into effect on the day they are reviewed and approved by the company’s shareholders’ meeting, and the same shall apply when amended.