Common use of Major Matters Clause in Contracts

Major Matters. The Board of Directors shall be responsible to the Shareholders. In addition to the powers and authorities set forth in the Company Law and the Articles, the following actions shall be submitted to the Board of Directors for review and approval before such actions are carried out: (i) review and approval of annual budget and business plan; (ii) review and approval of remuneration of the Management Member; (iii) review and approval of the commission policy of the Target Company; (iv) any action that terminates, suspends, or substantially changes the main business, or entry into new lines of business than the existing main business; (v) appointment, removal and replacement of the external auditor of the Target Company; (vi) review and approval of annual financial statements, or material change in the accounting and financial policies or the fiscal year of the Target Company; (vii) establishment of subsidiaries or acquisition of or investment in other entities; (viii) change of the organizational structure of the Target Company; (ix) approval of any agreement relating to borrowing, guarantee, and assurance by the Target Company; (x) any single capital expenditure exceeding RMB500,000; (xi) purchase, sale or disposal of any assets exceeding RMB500,000; (xii) approval of any contract by the Target Company with an transaction amount exceeding RMB500,000 outside the scope of the main business of the Target Company; (xiii) approval of or amendment to any contract between the Target Company and any of the parties hereto and/or any of its Affiliates and associated parties; (xiv) any other material action in connection with the rights and interests of the Target Company.