Tianrui Cement: Independent Director Resigns, Company Continues to Suspend Trading

On May 11, Tianrui Cement announced that Mr. Jiang Lin, an independent non-executive director of the company, had resigned for personal affairs and that the relevant positions had taken effect since that day, which directly led to a number of governance indicators of the company not meeting the requirements of the listing rules of the Hong Kong Stock Exchange. At the same time, the company's shares will continue to be suspended. According to

the announcement, Mr. Jiang Senlin resigned as an independent non-executive director and as a member of the audit committee and remuneration committee of the board of directors. He confirmed that he had no disagreement with the board of directors and had no other matters related to his resignation to inform shareholders and the Stock Exchange.

With the resignation of Jiang Senlin, the board of directors of Tianrui Cement has only two independent non-executive directors, the number of members of the audit committee has been reduced to two, and the remuneration committee can not meet the requirements of independent non-executive directors as chairman and majority. As a result of the aforesaid circumstances, the Company simultaneously violated three core provisions of the HKEx Listing Rules: firstly, the number of independent non-executive directors on the board of directors did not meet the requirement of at least three; secondly, the number of members of the audit committee was less than three; and thirdly, the composition of the remuneration committee was not in compliance with the requirements.

In view of the compliance gap, the company said that it would identify suitable candidates to fill the vacancy as soon as possible within three months from the effective date of resignation in accordance with the listing rules, and would issue relevant announcements in due course.

In addition, the announcement reiterates that the company's shares will be suspended from 9:07 a.m. on March 23, 2026, and will continue to be suspended until the results of the independent investigation and the annual results of 2025 are published.