Xiamen Jihong Technology (SZ:002803) Zheng Quan Zhi Xing·2025-06-20 11:29Core Viewpoint - Xiamen Jihong Technology Co., Ltd. is proceeding with the repurchase and cancellation of certain restricted stocks under its 2023 stock incentive plan due to the failure to meet performance targets and the departure of several incentive recipients [2][9]. Group 1: Legal Framework and Approval Process - The law firm Kangda was appointed as a special legal advisor for the stock incentive plan and issued a legal opinion based on relevant laws and regulations [2][4]. - The approval process for the repurchase and cancellation of restricted stocks involved multiple meetings of the board of directors and supervisory board, with necessary approvals obtained as of the date of the legal opinion [4][8]. - The company disclosed the incentive plan and the list of incentive recipients in compliance with regulatory requirements [5][6]. Group 2: Reasons for Repurchase and Cancellation - The repurchase is attributed to the failure to achieve the performance assessment criteria set for the 2024 fiscal year, where the net profit from the cross-border e-commerce business was only RMB 61.59 million, falling short of the required growth rate [9][10]. - A total of 2,274,000 shares of restricted stock will be repurchased due to the departure of seven incentive recipients who no longer qualify for the incentive program [10][12]. Group 3: Repurchase Price and Funding Source - The repurchase price was adjusted to RMB 8.8120 per share, taking into account the cash dividends distributed to shareholders [11][12]. - The funds for the repurchase will come from the company's own funds, ensuring compliance with relevant legal and regulatory frameworks [12][14].