CMST(SH:600787) Zheng Quan Zhi Xing·2025-06-19 09:22Core Viewpoint - The legal opinion letter from Tianjin Jingwei Law Firm confirms the legality and validity of China Storage Development Co., Ltd.'s plan to repurchase and cancel a portion of its restricted stock under the incentive plan due to unmet performance targets [2][8]. Group 1: Legal Framework and Approval - The repurchase is conducted in accordance with various laws and regulations, including the Company Law and Securities Law, as well as the company's own articles of association [2][4]. - The company's board of directors was authorized to handle matters related to the incentive plan, including stock repurchase, during the 2021 first extraordinary general meeting [5][8]. - Necessary approvals for the repurchase have been obtained from the board and supervisory committee, confirming compliance with legal requirements [5][9]. Group 2: Repurchase Details - The repurchase is triggered by the company's failure to meet specific performance targets for the year 2024, which include a minimum return on equity and compound growth in net profit [6][7]. - A total of 4,872,998 shares of restricted stock will be repurchased and canceled [7]. - The repurchase price is adjusted to 2.282 yuan per share, accounting for cumulative cash dividends distributed [7][8]. Group 3: Conclusion - The legal opinion concludes that the repurchase plan is legally valid and does not require further approvals, aligning with relevant laws and the company's regulations [8][9].