Summary by Futu AI
American Retail announced on 14 May 2024 that Mr. Song Lin Lin, Executive Director and Ms. Dong Xiaohong, Non-Executive Director, will voluntarily suspend their directors' duties and resign on the same day as directors due to ST. America's 28.34% shareholding violation of its shareholding. The two directors will also resign as directors and statutory representatives of the Group subsidiaries upon the appointment of appropriate replacements. Mr. Song and Ms. Dong are seeking legal advice and are appealing to the China Securities and Exchange Commission. The Board said the resignation of the two directors did not disagree with the Board of Directors and thanked them for their contributions to the Company. Following the resignation of Ms. Dung Xiaohong, the members of the Board of Directors of U.S.A. Retail will be all single sex and will not comply with the requirements of section 13.92 of the Listing Rules. The Company is seeking suitable female nominees to supplement Board membership within three months and will make further announcements in due course.