HSPC(SH:603353) Zheng Quan Zhi Xing·2025-07-09 10:17Core Viewpoint - The legal opinion letter confirms that Hunan Heshun Petroleum Co., Ltd. has obtained the necessary approvals for the repurchase and cancellation of part of its restricted stock under the 2024 incentive plan, which is in compliance with relevant regulations and the company's articles of association [4][9]. Group 1: Approval and Authorization - The repurchase and cancellation of restricted stock have been approved through various resolutions, including the 2024 incentive plan draft and related proposals [4][5]. - The company has completed the creditor notification process, and no objections were raised during the public notice period [5][6]. - The repurchase and cancellation have received the necessary approvals and are in line with the Management Measures [5][6]. Group 2: Specifics of the Repurchase and Cancellation - The repurchase is due to the failure to meet performance targets for the first release period of the incentive plan, resulting in the cancellation of 1,488,000 shares for 96 incentive recipients [6][8]. - The repurchase price is set at 9.24 yuan per share plus applicable bank interest, with adjustments for any corporate actions affecting stock prices [6][8]. - The company has established a dedicated securities account for the repurchase and expects to complete the cancellation by July 14, 2025 [8][9]. Group 3: Conclusion - The legal opinion concludes that the repurchase and cancellation process is compliant with the Management Measures, the company's articles of association, and the incentive plan arrangements [9].