Foxtron Vehicle Technologies: Approval of Waiver of Non-Compete Obligations for Directors at 2026 AGM
Foxtron Vehicle Technologies approved a waiver of non-compete obligations for four directors at its 2026 AGM held on May 22. The waiver concerns concurrent positions in group entities operating in mainland China, and the company stated no financial impact.
📋 Article Processing Timeline
- 📰 Published: May 22, 2026 at 09:00
- 🔍 Collected: May 23, 2026 at 08:00 (23h 0m after Published)
- 🤖 AI Analyzed: May 23, 2026 at 12:00 (4h 0m after Collected)
1. Date of Shareholders' Meeting Resolution: May 22, 2026 (115/05/22)
2. Names and Titles of Directors Authorized to Engage in Competitive Activities:
Director Li Bing-Yan
Director Hsu Kuo-Hsing
Director Huang Ying-Shi
Director Hsiao Hsing-Chin
3. Items Authorized for Competitive Activities: Companies with the same or similar business scope as the Company.
4. Period of Authorization: During the term of their directorship with the Company.
5. Voting Results (pursuant to Article 209 of the Company Act):
Votes in favor: 1,603,929,386 (including 1,603,929,386 electronic votes), representing 99.09% of total votes represented.
Votes against: 791,900 (including 791,900 electronic votes), representing 0.04% of total votes represented.
Invalid votes: 0, representing 0% of total votes represented.
Abstentions/Unvoted: 13,895,729 (including 3,079,928 electronic votes), representing 0.85% of total votes represented.
The resolution was passed as proposed, with votes in favor exceeding the statutory quorum.
6. Names of Directors and Titles for Competitive Activities involving operations in Mainland China:
(1) Director Huang Ying-Shi, Representative of Hon Hai Precision Industry Co., Ltd.
(2) Director Hsu Kuo-Hsing, Representative of Hua-Chuang Automobile Information Technical Center Co., Ltd.
7. Names and Titles held in Mainland China entities:
(1) Chairman of Hongqi Mechatronics Technology (Anhui) Co., Ltd.; Chairman of FIH Mobile Limited.
(2) Chairman of Yulon Motor Investment (HK) Ltd.; Chairman of Yulon (China) Motor Investment Co., Ltd.
8. Addresses of operations in Mainland China:
(1) Hongqing Company Office Building, 3.9 sq km Industrial Park, Anqing Development Zone, Anhui; 8/F, Peninsula Building, 538 Castle Peak Road, Cheung Sha Wan, Kowloon, Hong Kong.
(2) 15/F, Bank of China Group Life Insurance Building, 136 Des Voeux Road Central, Hong Kong; Room 123, Science and Culture Center, Linjiang Industrial Park, Xiaoshan District, Hangzhou.
9. Business operations in Mainland China:
(1) R&D of electric motors and control systems; R&D of motorcycles and parts; motor manufacturing; in-vehicle electronics; production line equipment; robotics; and next-generation communications.
(2) Investment; procurement of equipment and raw materials; provision of after-sales service, technical support, staff training, and HR management; R&D of new products; and consulting services related to investment and policy.
10. Financial Impact: None.
11. Investment Amount and Shareholding Ratio: None.
12. Other items: None.
2. Names and Titles of Directors Authorized to Engage in Competitive Activities:
Director Li Bing-Yan
Director Hsu Kuo-Hsing
Director Huang Ying-Shi
Director Hsiao Hsing-Chin
3. Items Authorized for Competitive Activities: Companies with the same or similar business scope as the Company.
4. Period of Authorization: During the term of their directorship with the Company.
5. Voting Results (pursuant to Article 209 of the Company Act):
Votes in favor: 1,603,929,386 (including 1,603,929,386 electronic votes), representing 99.09% of total votes represented.
Votes against: 791,900 (including 791,900 electronic votes), representing 0.04% of total votes represented.
Invalid votes: 0, representing 0% of total votes represented.
Abstentions/Unvoted: 13,895,729 (including 3,079,928 electronic votes), representing 0.85% of total votes represented.
The resolution was passed as proposed, with votes in favor exceeding the statutory quorum.
6. Names of Directors and Titles for Competitive Activities involving operations in Mainland China:
(1) Director Huang Ying-Shi, Representative of Hon Hai Precision Industry Co., Ltd.
(2) Director Hsu Kuo-Hsing, Representative of Hua-Chuang Automobile Information Technical Center Co., Ltd.
7. Names and Titles held in Mainland China entities:
(1) Chairman of Hongqi Mechatronics Technology (Anhui) Co., Ltd.; Chairman of FIH Mobile Limited.
(2) Chairman of Yulon Motor Investment (HK) Ltd.; Chairman of Yulon (China) Motor Investment Co., Ltd.
8. Addresses of operations in Mainland China:
(1) Hongqing Company Office Building, 3.9 sq km Industrial Park, Anqing Development Zone, Anhui; 8/F, Peninsula Building, 538 Castle Peak Road, Cheung Sha Wan, Kowloon, Hong Kong.
(2) 15/F, Bank of China Group Life Insurance Building, 136 Des Voeux Road Central, Hong Kong; Room 123, Science and Culture Center, Linjiang Industrial Park, Xiaoshan District, Hangzhou.
9. Business operations in Mainland China:
(1) R&D of electric motors and control systems; R&D of motorcycles and parts; motor manufacturing; in-vehicle electronics; production line equipment; robotics; and next-generation communications.
(2) Investment; procurement of equipment and raw materials; provision of after-sales service, technical support, staff training, and HR management; R&D of new products; and consulting services related to investment and policy.
10. Financial Impact: None.
11. Investment Amount and Shareholding Ratio: None.
12. Other items: None.
FAQ
Why is a waiver of non-compete obligations necessary for directors?
Under company law, director roles in competing companies require approval at a shareholders' meeting.
When does this approval occur?
It typically occurs during cross-group board appointments or organizational restructuring where business overlaps.
What does this news tell investors?
It indicates that the company has a sound governance structure and is compliant with legal procedures.