Rongsheng Petrochemical Co., Ltd. received a rectification order from the Zhejiang Securities Regulatory Bureau on August 12, 2026, because its current employee director Yu Fengdi has no labor relationship with the company and therefore does not meet the qualifications for an employee director. This has resulted in no employee representative on the board of directors, violating Article 68 of the Company Law and relevant provisions of the Code of Corporate Governance for Listed Companies. The Zhejiang Securities Regulatory Bureau decided to impose the supervisory management measure of ordering rectification on the company and record the matter in the securities and futures market integrity archive, requiring the company to submit a written rectification report within 30 days of receiving the decision. The company said it attaches great importance to the matter, will rectify in a timely manner strictly in accordance with the requirements, and will strengthen the study of laws and regulations. Upon verification, the relevant matter will not affect the validity of board resolutions, and this administrative supervisory measure will not affect the company's normal production and operations.
Rongsheng Petrochemical Co LtdRegulatory order to rectify due to employee director lacking labor relationship, violating corporate governance rules.
