Shenkai Co., Ltd. completes its twelfth amendment to the articles of association, with a registered capital of 389 million yuan, focusing on smart energy solutions.

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Shanghai Shenkai Petrochemical Equipment Co., Ltd. (referred to as “Shenkai Co.”) issued its twelfth amended Articles of Incorporation on March 16, 2026. This revision is the twelfth adjustment since the company established its articles in 2007, reflecting the latest changes in governance structure and business development directions.

Company Basic Information

Shenkai Co. is a joint-stock company established through a comprehensive change from Shanghai Shenkai Petrochemical Equipment Group Co., Ltd. It was registered with the Shanghai Administration for Industry and Commerce on September 13, 2007, with the unified social credit code 91310000133385776B. The company was approved by the China Securities Regulatory Commission to issue 46 million RMB ordinary shares publicly on July 17, 2009, and listed on the Shenzhen Stock Exchange on August 11, 2009.

The registered name is Shanghai Shenkai Petrochemical Equipment Co., Ltd., abbreviated as “Shenkai Co.”; the full English name is “Shanghai SK Petroleum & Chemical Equipment Corporation Ltd,” with the English abbreviation “SK.” The company’s address is No. 1769 Puxing Highway, Minhang District, Shanghai, postal code 201114.

Registered Capital and Shareholding Structure

According to the latest articles, the registered capital is RMB 388,617,914, with a total of 388,617,914 shares, all RMB ordinary shares. The company was formed through a full change from the original Shanghai Shenkai Petrochemical Equipment Group Co., Ltd., with an initial total of 127 million shares, each with a face value of RMB 1.

The major shareholders’ holdings are as follows:

In September 2007, the company held its first extraordinary general meeting, approving an increase of RMB 8,613,392 in registered capital, bringing the total registered capital to RMB 135,613,392. The new capital was subscribed by 63 natural persons including Dai Tingxuan, and after the change, shareholders included Gu Zheng and 109 other natural persons.

Business Purpose and Scope

The company’s purpose is “to help customers safely, efficiently, and environmentally friendly access energy, committed to technological innovation and AI-driven breakthroughs, providing intelligent energy solutions worldwide. With a safe and reliable equipment system as the foundation, to build an intelligent, efficient AI digital platform, create a low-carbon, environmentally friendly energy ecosystem, and promote green transformation and sustainable development in the energy industry.”

According to legal registration, the scope of business includes manufacturing and sales of petroleum drilling and extraction equipment; manufacturing and sales of geological exploration and seismic instruments; manufacturing of analytical instruments; sales of instrumentation; engineering technical services; technology development, consulting, exchange, transfer, and promotion; import and export of goods; leasing of non-residential real estate, etc.

Corporate Governance Structure

Shareholders’ Meeting

The shareholders’ meeting, composed of all shareholders, is the company’s highest authority. It is divided into annual and extraordinary shareholders’ meetings. The annual meeting is held once a year, within six months after the end of the previous fiscal year.

The shareholders’ meeting exercises important powers including electing and replacing directors, reviewing and approving reports of the board of directors, approving profit distribution and loss coverage plans, deciding on increases or decreases in registered capital, issuing corporate bonds, mergers, divisions, dissolutions, liquidations, or changes in corporate form.

Board of Directors

The company has a board of nine directors, including three independent directors. The board has one chairman, one vice chairman, and the chairman is the legal representative of the company.

The board exercises powers such as convening shareholders’ meetings, implementing shareholders’ resolutions, deciding on business plans and investment schemes, formulating profit distribution and loss coverage plans, establishing internal management structures, and appointing or dismissing senior management such as the CEO.

Special Committees of the Board

The company’s board has an Audit Committee, which exercises the functions of the supervisory committee as stipulated by the Company Law. The committee has three members, none of whom hold senior management positions in the company, with a majority being independent directors, and the convener is a professional accountant from among the independent directors.

Additionally, the board has a Strategy Committee, Nomination Committee, and Compensation and Performance Evaluation Committee, which perform their duties according to the articles and board authorization.

Senior Management

The company has one President and several Vice Presidents, appointed or dismissed by the board. The President reports to the board, oversees production and operations, and implements board resolutions.

The company also has a Board Secretary responsible for preparing shareholder and board meetings, document custody, managing shareholder information, and disclosure of information.

Financial and Profit Distribution System

The company formulates its financial accounting system in accordance with laws, administrative regulations, and relevant national departments. It reports and discloses annual reports to the China Securities Regulatory Commission and the Shenzhen Stock Exchange within four months after each fiscal year ends, and semi-annual reports within two months after the first half of each year.

When distributing after-tax profits for the year, at least 10% should be allocated to the statutory reserve fund. Once the statutory reserve exceeds 50% of registered capital, further allocation is not required. If the statutory reserve is insufficient to cover previous losses, profits of the current year should first be used to offset losses before allocating to the reserve.

The profit distribution policy emphasizes continuity and stability, aiming for reasonable investor returns and sustainable development. When conditions permit, the company generally distributes dividends in cash, and over any three consecutive years, the total cash dividends should generally not be less than 30% of the average distributable profit over those years.

Key Revision Highlights

This is the twelfth revision of the Articles of Incorporation, only two months after the previous revision in January 2026. Although the announcement does not specify detailed changes, the overall framework shows ongoing improvements in governance, strengthening the role of independent directors, standardizing related-party transaction procedures, and enhancing investor protection, reflecting continuous optimization of corporate governance.

The articles explicitly prohibit the company from acquiring its own shares except in cases such as reducing registered capital, mergers with other companies holding shares, using shares for employee stock plans or equity incentives, shareholders objecting to mergers or divisions, converting shares into stock, or necessary actions to protect company value and shareholder rights.

Furthermore, the articles regulate the behavior of controlling shareholders and actual controllers, requiring them to exercise rights and perform obligations in accordance with laws, regulations, CSRC, and stock exchange rules, safeguarding the interests of listed companies and preventing abuse of control or damage to the rights of the company or other shareholders through related-party transactions.

Shenkai Co. states that this revision complies with the Company Law, Securities Law, and other relevant laws and regulations, helps further improve corporate governance, promote standardized operations, and protect the legitimate rights and interests of the company and all shareholders.

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