UTime Limited Announces Board Changes and Confirms Corporate Governance Stability
7th Floor, Building 5A
Shenzhen Software Industry Base, Nanshan District
Shenzhen, People's Republic of China 518061
Shenzhen, China, Sept. 11, 2025 (GLOBE NEWSWIRE) -- UTime Limited (NASDAQ:WTO, the "Company")) today confirms that recent changes to its Board of Directors have been completed in accordance with the Company's Articles of Association and relevant procedures, and have been publicly announced. The Company reiterates that its Board structure remains intact, governance mechanisms are functioning normally, and business operations have not been affected.
Director Resignations
On September 4, 2025, the Company received formal written resignations from directors Qiu Hengcong, Bao Minfei, Xie Hailin, and Jia Xiaoqian. These resignations were disclosed to the public via Company announcements and became effective upon submission. Pursuant to U.S. securities laws and Nasdaq corporate governance rules, such resignations are legally effective upon submission.
New Director Appointments
Pursuant to the Company's Articles of Incorporation and relevant procedures, the Board of Directors formally appointed the following individuals on September 8–9, 2025:
Wang Tianlong, male, 39 years old, Bachelor of Software Engineering from Hebei University, appointed as Chief Executive Officer and Chairman of the Board;
Ouyang Xuan, female, 32 years old, Bachelor of International Trade from Guangdong University of Foreign Studies, appointed as Independent Director and Chairperson of the Audit Committee, a member of Compensation Committee and Nomination and Governance Committee;
Tong Shirong, male, 52 years old, Master of Business Administration from Tongji University, appointed as Independent Director and Chairman of the Compensation Committee, a member of Audit Committe and Nomination and Governance Committee;
Liu Zhongping, male, 47 years old, Bachelor of Business Administration from Hebei University of Economics and Business, appointed as Independent Director and Chairman of the Nomination and Governance Committee, a member of Audit Committee and Compensation Committee;
Wu Xiaoxia, female, 37 years old, Bachelor of Public Administration from Huaxin College of Hebei University of Geosciences, appointed as Director.
The above appointments have been approved by the Board of Directors and publicly announced through company disclosures, rendering them legally effective. The newly appointed directors have formally assumed their duties. The corporate governance structure is sound and operates smoothly.
Information Disclosure
The Company reminds investors that all valid information concerning the Board of Directors shall be based on the Company's official announcements.
Governance and Operations
With the establishment of the new Board structure, the corporate governance mechanism is clear and effective. Management is fully performing its duties, and daily operations and strategic execution are progressing normally.
Company Commitment
UTime Limited will continue to:
1) Strictly comply with information disclosure obligations and NASDAQ corporate governance standards;
2) Provide accurate and timely information to the market;
3) Uphold principles of compliance, transparency, and sound governance to maintain and enhance long-term value for shareholders and investors.
About UTime Limited
Trading under the NASDAQ ticker WTO, UTime Limited is engaged in the design, development, production, sales and brand operation of mobile devices in China and globally. The company aims to provide cost-effective products and serves a broad customer base.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company's actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. The forward-looking statements discussed in this press release and other statements made from time to time by us or our representatives may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us, including those described in UTime Limited's Annual Report on Form 20-F and our other filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required under applicable law.
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