This is unprecedented action for a Chinese ADR. We too are still learning about the proxy process. In short, we are following the Company's own Articles of Association and taking specific shareholder action that we all collectively are duly authorized to do. This shareholder action requires that one third of the total shares(40 millions shares ADR) joins together and sends a requisition letter to the directors of the board. In this letter, we call for specific actions that all shareholders must vote on. This enables the shareholders to take matters into their own hands and do what is necessary for the survival and ultimate recovery of this Company.
For now, we are at the very preliminary stage of gathering interested shareholders to launch the requisition. If you want to join us, please send an email to email@example.com with your email contact and shares held. We will then compile the total number of shares pledged and update everyone on this website. There will be an official verification/proxy process later during the actual requisition.
The process is still new to us. We are learning as we move forward. Please watch the blog section for updates, corrections and any relevant news/developments at the company. Thank you all for your time.