Shanghai Ziyan Foods (SH:603057) Zheng Quan Zhi Xing·2025-06-20 09:24Core Viewpoint - The legal opinion letter confirms that Shanghai Ziyan Food Co., Ltd. has complied with necessary procedures for the repurchase and cancellation of restricted stocks as part of its 2024 incentive plan, in accordance with relevant laws and regulations [5][9]. Group 1: Legal Compliance and Procedures - The law firm conducted a thorough verification process, ensuring that all documents provided by the company were authentic, accurate, and complete [3][4]. - The company held board and supervisory meetings to approve the repurchase of restricted stocks on April 16, 2025, and disclosed the decision on April 18, 2025, with no objections from creditors during the public notice period [5][6]. Group 2: Repurchase and Cancellation Details - The repurchase involves 173 individuals, totaling 746,750 shares, primarily due to performance targets not being met, with the company reporting a revenue growth rate of -5.28% and a net profit growth rate of 4.88% for 2024 [8]. - The company has established a dedicated securities account for the repurchase and expects to complete the cancellation by June 19, 2025, reducing the total share capital from 414,260,500 shares to 413,513,750 shares [8]. Group 3: Conclusion and Legal Opinion - The legal opinion concludes that the repurchase and cancellation of restricted stocks are in compliance with the Company Law, Securities Law, and relevant regulations, confirming the legitimacy of the actions taken by the company [9].