JCT(SH:603657) Zheng Quan Zhi Xing·2025-06-23 17:15Core Viewpoint - The company, Jinhua Chunguang Rubber and Plastic Technology Co., Ltd., announced the repurchase and cancellation of part of the restricted stock from its 2022 incentive plan due to unmet performance targets for the fiscal year 2024 and the disqualification of one incentive recipient for violating internal management rules [1][2][4]. Summary by Sections 1. Reasons for Repurchase and Cancellation - The repurchase and cancellation of restricted stocks were necessitated by the failure to meet the performance assessment criteria set for the fiscal year 2024, which required a revenue growth rate of no less than 90% based on 2021 revenue [2][4]. - The company plans to repurchase a total of 1,259,275 shares, which includes 951,400 shares from the first unlock period and 303,875 shares from the reserved second unlock period, along with 4,000 shares from one disqualified incentive recipient [2][4]. 2. Decision and Disclosure Process - The decision to repurchase and cancel the shares was approved during the 27th meeting of the third board of directors and the 20th meeting of the third supervisory board on April 17, 2025, following authorization from the first extraordinary general meeting of shareholders in 2022 [1][2]. - The company has fulfilled the creditor notification procedures as required by the Company Law, and no creditor has raised any claims regarding debt repayment or guarantees within the stipulated 45-day period [2]. 3. Share Structure Changes - Following the repurchase and cancellation, the company's share structure will change as follows: - Restricted tradable shares will decrease from 1,259,275 to 0 - Unrestricted tradable shares will remain at 135,190,050 - Total shares will decrease from 136,449,325 to 135,190,050 [5][6]. 4. Legal Compliance and Commitments - The board of directors confirmed that the decision-making process and information disclosure comply with relevant laws and regulations, ensuring no harm to the rights of incentive recipients or creditors [7]. - The company has verified and guaranteed the accuracy and completeness of the information regarding the repurchase and cancellation, and has informed the relevant incentive recipients without any objections raised [7]. 5. Legal Opinion - The legal opinion from Guohao Law Firm confirmed that the repurchase and cancellation have followed necessary procedures and comply with applicable laws, thus can be implemented legally [7].