Cathay Biotech (SH:688065) Zheng Quan Zhi Xing·2025-08-15 14:10Core Viewpoint - The legal opinion issued by Shanghai Jintiancheng Law Firm confirms that the cancellation of certain unvested restricted stock awards under the 2020 incentive plan of Shanghai Kaisa Biotechnology Co., Ltd. has obtained the necessary authorizations and approvals, complying with relevant regulations [1][7][8]. Group 1: Authorization and Approval - The legal opinion is based on the compliance with the Securities Law, Company Law, and relevant regulations regarding the incentive plan [1][2]. - The company has held multiple meetings to review and approve the necessary resolutions related to the incentive plan and the cancellation of unvested stocks [3][4][5][6]. Group 2: Cancellation of Restricted Stocks - The company is required to cancel 97,650 shares of the first grant's fourth vesting period and 38,780 shares of the reserved grant's third vesting period due to unmet performance conditions [8]. - The total number of restricted stocks to be canceled amounts to 136,430 shares, which does not require further shareholder approval as per the board's authorization [8][7]. Group 3: Performance Conditions - The performance targets for the fourth vesting period and the third reserved grant period were not met, with required revenue growth rates of 186% and 107% respectively [8]. - The company's 2024 revenue was reported at 2,957.91 million yuan, a 97.56% increase from 2020, while the net profit was 483.89 million yuan, a 5.62% increase from 2020, indicating that the performance conditions were not satisfied [8].