The Company has established a remuneration committee with specific terms of reference which deal clearly with its duties and responsibilities. The Remuneration Committee comprises one executive Director, namely Mr. Zhang Aogen and two independent non-executive Directors, namely Mr. Huang Dongliang and Mr. Xiao Gang and is currently chaired by Mr. Xiao Gang.

The terms of reference of the Remuneration Committee which were amended and adopted by the Board on 20 December 2022 follow the guidelines set out in the Code and it is mainly responsible for making recommendations to the Board on the Company’s policy for the remuneration of Directors and senior management. The Remuneration Committee also makes recommendations to the Board on the remuneration packages of the Directors and senior management.

The Remuneration Committee shall meet at least once a year. Two committee meetings were held in 2024 to assess the performance of Directors and review and approve the remuneration of the Directors. During the Remuneration Committee meetings, proposals for adjustment of the remuneration package for Directors and senior management were reviewed and approved by the Remuneration Committee and the Proposals were proposed to the Board for approval and approved by the Board.