(Yicai) June 13 -- More than 90 minor shareholders of Shandong Airlines proposed a motion to depose its chairman for his careless and irresponsible behavior that led the Chinese regional carrier to be delisted.

The request aims to dismiss Xu Chuanyu as Shandong Airlines' board director, which would, in turn, relieve him from the role of chairman, a minor shareholder who participated in the motion told Yicai. The motion will be voted on at a general shareholders meeting today, according to the source.

The minor shareholders who participated in the motion hold a total of over 12 million shares in Shandong Airlines, accounting for over 3 percent of the Jinan-based company's total equity.

Besides removing Xu, the minor shareholders also put forward other extraordinary motions, including buying back shares and naming a representative of medium and small shareholders as a board director, which will also be required to be voted on at the meeting today, Yicai learned.

Shandong Airlines was delisted from the Chinese B-share market in July last year because of insolvency. When the firm was delisted, its share price was HKD2.73 (35 US cents) apiece, down over 91 percent from its record-high of HKD31.20 (USD4) in June 2015.

Shandong Airlines turned losses into profits six months after delisting and achieved a net profit of CNY214 million (USD29.5 million) last year. Minor shareholders then proposed that the company go public again, but the board of directors rejected the proposal.

B-shares are Chinese yuan-denominated special shares subscribed to and traded in foreign currencies issued by companies incorporated and listed in the Chinese mainland and traded on the Shanghai Stock Exchange and Shenzhen Stock Exchange. They were initially exclusive for offshore investors but were opened to onshore investors in 2001.

Editors: Liao Shumin, Futura Costaglione