Kinwong(SH:603228) Shang Hai Zheng Quan Bao·2025-09-10 19:47Core Viewpoint - The company announced the repurchase and cancellation of 342,648 restricted stocks due to certain incentive recipients no longer qualifying and not meeting performance standards for the 2024 fiscal year [2][5][6]. Group 1: Reasons for Repurchase - The repurchase is necessitated by the departure of some incentive recipients and the failure of others to meet personal performance assessments for the 2024 fiscal year [2][5]. - The decision was made during board meetings held on May 26, 2025, and July 9, 2025, where the company approved the repurchase of 165,000 and 177,648 restricted stocks respectively [3][4]. Group 2: Repurchase Details - A total of 123 individuals are involved in this repurchase, with the remaining restricted stocks under the 2024 incentive plan totaling 9,061,640 shares after the cancellation [6]. - The company has set up a dedicated account for the repurchase and expects the cancellation process to be completed by September 15, 2025 [6]. Group 3: Impact on Company Structure - Following the repurchase, the company's share capital structure will be adjusted, although the final figures will depend on additional factors such as conversions from convertible bonds and stock options [6]. Group 4: Compliance and Commitments - The board confirmed that the decision-making process and disclosures comply with relevant laws and regulations, ensuring no harm to the rights of incentive recipients or creditors [7]. - The company has committed to transparency regarding the repurchase and has not received objections from the affected incentive recipients [7]. Group 5: Legal Opinions - Legal counsel has confirmed that the repurchase has received necessary authorizations and complies with applicable regulations, with further steps required for formal registration of capital reduction [8].