Quhuo (NASDAQ: QH) adopts two-member audit panel under Cayman rules
Rhea-AI Filing Summary
Quhuo Limited reports a board change that leaves its audit committee with two members after the previously disclosed resignation of director Jing Zhou. The committee now consists of Jie Jiao and Jingchuan Li, both determined by the board to meet Nasdaq and Rule 10A-3 independence standards, with Ms. Jiao qualifying as an audit committee financial expert.
To address the reduced size, Quhuo plans to rely on a home country practice exemption and follow Cayman Islands practice instead of Nasdaq’s requirement for at least three independent audit committee members. As a result, the company will maintain a two-member independent audit committee while remaining within applicable listing and regulatory frameworks.
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Insights
Quhuo keeps a compliant but smaller, two-member audit committee under a Cayman exemption.
Quhuo Limited confirms that, following Jing Zhou’s resignation, its audit committee now has two directors, Jie Jiao and Jingchuan Li. The board has concluded both satisfy independence requirements under Rule 10A-3 and applicable Nasdaq listing standards, which helps maintain formal oversight safeguards.
The designation of Ms. Jiao as an audit committee financial expert is important because this role typically provides deeper accounting and reporting expertise. However, the committee’s size is below Nasdaq’s usual three-member requirement, so Quhuo intends to rely on a Cayman Islands home country practice exemption instead of adding another independent director.
This approach keeps the company within an allowed governance framework but concentrates responsibilities on fewer individuals. Future disclosures about any further changes to committee composition or governance structure would add context on how Quhuo balances regulatory flexibility with board oversight depth.