Legal basis: Article 122 of the Company Law of People's Republic of China (PRC) stipulates that a listed company shall set up independent directors, and the specific measures shall be stipulated by the State Council.
Article 90 of the Securities Law of People's Republic of China (PRC), the board of directors of a listed company, independent directors, shareholders holding more than 1% of the shares with voting rights, or investor protection institutions established in accordance with laws, administrative regulations or the provisions of the State Council Securities Regulatory Authority (hereinafter referred to as investor protection institutions) may act as sponsors and publicly request shareholders of the listed company to entrust them to attend the shareholders' meeting and exercise shareholders' rights such as proposal rights and voting rights on their behalf. Where shareholders' rights are solicited in accordance with the provisions of the preceding paragraph, the solicitation documents shall be disclosed, and the listed company shall cooperate. It is forbidden to publicly solicit shareholders' rights in a paid or disguised way. If the public solicitation of shareholders' rights violates laws, administrative regulations or the relevant provisions of the securities regulatory authority in the State Council, causing losses to the listed company or its shareholders, it shall be liable for compensation according to law.