Legal basis: There is no shareholders' meeting in Article 67 of the Company Law of People's Republic of China (PRC), and the state-owned assets supervision and administration institution shall exercise the functions and powers of the shareholders' meeting. The state-owned assets supervision and administration institution may authorize the board of directors of the company to exercise part of the functions and powers of the shareholders' meeting and decide on major issues of the company, but the merger, division, dissolution, increase or decrease of registered capital and issuance of corporate bonds of the company must be decided by the state-owned assets supervision and administration institution;
Among them, the application for merger, division, dissolution and bankruptcy of an important wholly state-owned company shall be examined by the state-owned assets supervision and administration institution and reported to the people's government at the same level for approval. The important wholly state-owned companies mentioned in the preceding paragraph shall be determined in accordance with the provisions of the State Council. The capital increase process of state-owned equity subsidiaries shall abide by laws, administrative regulations and the articles of association of the enterprise, and shall not harm the rights and interests of investors and creditors.