Summary by Moomoo AI
ReTo Eco-Solutions will hold its 2024 Annual General Meeting on August 5, 2024, where shareholders will vote on several significant proposals including the establishment of a dual-class share structure. The company proposes to redesignate existing common shares as Class A shares and create 2 million Class B shares carrying 1,000 votes each, with 1 million Class B shares to be issued to REIT International at par value.The meeting will include the election of Tonglong Liu and Baoqing Sun as Class B directors for terms expiring in 2027, and the ratification of YCM CPA Inc. as the independent auditor for FY2024. The proposed dual-class structure would give Class B shareholders approximately 99.6% voting control while holding 20.5% of total shares, enabling management to maintain long-term control.The company's current management team, led by CEO Hengfang Li, President Guangfeng Dai, CTO Zhizhong Hu, and CCIO Degang Hou, collectively controls REIT International with respective ownership of 40%, 20%, 20%, and 20%. The new structure aims to facilitate long-term business strategies and equity financing while maintaining stable corporate governance.
