Foryou's board cleared the way for a shareholder vote on a state takeover

Foryou Corporation’s board met on September 3 and approved waiving the voluntary share-reduction and lock-up undertakings given by its controlling shareholder, its indirect controlling shareholder, and directors and senior managers together with their close relatives. The company said in announcement 2026-038 that the waiver would help the transfer of control proceed.

The transaction behind it was signed on August 21, when Foryou’s controlling shareholder Huayue Investment agreed to transfer 148,552,089 shares, or 28.30 percent of total share capital, to Sichuan Jiuzhou Investment Holding Group by agreement transfer. On completion the controlling shareholder becomes Jiuzhou Group, and the ultimate controller changes from the company’s individual founders to the Mianyang State-owned Assets Supervision and Administration Commission.

A separate filing, announcement 2026-039, called an extraordinary general meeting for September 21 at 15:30, combining a floor vote with online voting. The board resolution, announcement 2026-037, recorded five directors with an interest in the transaction recusing themselves from a vote that passed four to nothing, and the company said interested shareholders must also abstain at the meeting.

The waiver still has to be approved at the September 21 meeting, and the filing said that approval was uncertain. The August announcement of the transfer listed five further steps after the shareholder vote, among them approval by the state-asset regulator and registration of the transfer.

Foryou supplies cockpit electronics, head units and displays to Chinese automakers. The share transfer agreement itself was reported when it was signed in August.