TENGEN(SH:605066) Shang Hai Zheng Quan Bao·2025-08-11 20:10Core Viewpoint - Zhejiang Tianzheng Electric Co., Ltd. announced the repurchase and cancellation of 1,867,750 restricted stocks due to unmet performance targets for the fiscal year 2024 and the disqualification of three departing incentive recipients [1][3]. Summary by Sections Announcement of Stock Repurchase - The company’s board approved the repurchase of restricted stocks at a meeting held on June 16, 2025, based on the failure to meet performance targets and the disqualification of certain incentive recipients [1][3]. Details of Stock Repurchase - The repurchase involves 109 individuals and a total of 1,867,750 restricted stocks. After this repurchase, there will be 2,317,000 restricted stocks remaining [3][5]. - The repurchase price for the stocks related to the departing employees is set at 2.466 yuan per share, while the stocks related to unmet performance targets will be repurchased at 2.466 yuan plus the interest from the People's Bank of China [3]. Legal Compliance and Procedures - The company has followed legal procedures for notifying creditors regarding the stock repurchase and has not received any claims for debt repayment or guarantees during the 45-day public notice period [2]. - A legal opinion from Beijing Deheng (Hangzhou) Law Firm confirms that the repurchase complies with relevant laws and regulations, and the necessary approvals have been obtained [5][6].