Article 89 Shareholders of different classes of shares shall be classified as class shareholders.
Class shareholders shall have rights and shall undertake obligations pursuant to the provisions of the laws, administrative regulations and the Articles of Association.
Article 90 The rights attached to any class of shares may be varied or abrogated with the sanction of a special resolution passed at the general meeting and by holders of shares of the affected class passed at a separate general meeting of the holders of shares of the class convened in accordance with Article 92 to Article 96 respectively.
Article 91 The following shall be considered as a variation or abrogation of the rights of class shareholders:
(1) to increase or reduce the number of shares in that class or to increase or reduce the number of shares in a class of shares which have rights on voting, distribution or other privileges equal or superior to that class of shares;
(2) to exchange all or a portion of shares of that class for shares of another class, or to exchange all or a portion of the shares of another class for shares of that class or to grant the rights to exchange the same;
(3) to cancel or reduce the rights to claiming all the accrued dividends or cumulative dividends of shares of that class;
(4) to reduce or cancel the preferential rights of that class to claim the dividends or the preference to distribution of assets upon the liquidation of the Company;
(5) to increase, cancel or reduce the rights to conversation of shares, options, voting rights, rights of transfer, pre-emptive rights and the rights to acquire the securities of the Company of that class;
(6) to cancel or reduce the rights to receive the monies payable by the Company in a particular currency of that class;
(7) to create a new class of shares which have the rights to voting, distribution or other privileges equal or superior to that class of shares;
(8) to restrict or to impose more restrictions on the transfer or ownership of that class of shares;
(9) to issue options or rights on subscription for or conversion of shares into that class or another class of shares;
(10) to increase the rights and privileges of another class of shares;
(11) to re-structure the Company in such a way that different class shareholders will undertake disproportionate obligations under the proposed restructuring;
(12) to vary or abrogate the provisions of in this Chapter.
Article 92 The class shareholders so affected, whether or not otherwise having voting rights at a general meeting, shall be entitled to vote at the class meeting involving matters provided in items (2) to (8) and (11) to (12) of Article 91, provided that any interested shareholders shall not be entitled to vote at that class meeting.
The meaning of “interested Shareholder” as referred to in the preceding
(1) W h e r e t h e C o m p a n y h a s m a d e a r e p u r c h a s e o f f e r t o a l l shareholders in the same proportion in accordance with the provisions of Article 30 of the Articles of Association of the Company or repurchases its shares on a stock exchange through open transactions, “interested Shareholder” shall mean the controlling Shareholder as defined in Article 56 of these Articles of Association;
(2) Where the Company repurchases its shares by way of an agreement otherwise than on a stock exchange in accordance with the Articles of Association, “interested Shareholder” shall mean the Shareholder to which the agreement relates;
(3) In the case of a restructuring of the Company, “interested Shareholder” shall mean a Shareholder who undertakes obligations by a lower proportion than that of other shareholders of the same class, or a Shareholder who holds interests different from those held by other shareholders of the same class.
Article 93 Resolution of a class meeting shall be passed by more than two-thirds of the shares with voting rights held by the class shareholders who, according to Article 92 are entitled to vote at that class meeting.
Article 94 The Company shall, in accordance with the provisions of Article 65 of the Articles, in forty-five (45) days before the date of class meeting of shareholders, send written notice of the class meeting and inform all registered shareholders of that class of the matters to be considered at the class meeting and the date and venue of the class meeting. Those shareholders of the class who intend to attend shall send the written reply to the Company twenty (20) days before the class meeting.
Where the number of class shares held by those shareholders who intend to attend and who have the right to vote is more than one-half of the total number of shares of that class with the voting rights, the Company shall convene that class meeting, failing which the Company shall, within five (5) days, inform the shareholders of the class again in the form of public notice the proposed matters for consideration at the class meeting and the date and venue of the class meeting. Class meeting be convened after such notification.
Article 95 The notice of a class meeting shall only be given to the shareholders who are entitled to vote at such meeting only.
The proceedings of a class meeting shall be as similar as possible as that of a general meeting. The provisions in the Articles of Association relating to the proceedings of a general meeting shall apply to the class meeting.
Article 96 In addition to holders of other classes of shares, domestic shareholders and shareholders of overseas listed foreign shares shall be deemed to be different classes of shareholders.
The special procedures for voting of class shareholders shall not apply to the following circumstances:
(1) where, upon approval by a special resolution passed at a shareholders general meeting, the Company issues domestic shares and overseas listed foreign shares either separately or concurrently once every twelve (12) months, and the total amount of the domestic shares and overseas listed foreign shares so issued do not exceed 20% of their total issued amount, respectively;
(2) where the Company plans to issue domestic shares and overseas listed foreign shares on establishment, to be implemented within fifteen (15) months from the date of approval by the securities authority under the State Council.