XUELONG(SH:603949) Shang Hai Zheng Quan Bao·2026-01-08 19:16Core Viewpoint - The company Snow Dragon Group is implementing a buyback and cancellation of a total of 399,974 restricted stocks due to the retirement of one incentive object and the failure to meet performance assessment criteria for the year 2024 [2][5][9]. Group 1: Reasons for Buyback and Cancellation - The buyback and cancellation of restricted stocks are due to one incentive object retiring and no longer qualifying, resulting in the cancellation of 1,400 shares [2][5]. - Additionally, 34 incentive objects had their stocks canceled due to the company's failure to meet performance assessment targets, leading to the cancellation of 366,540 shares, along with 32,034 shares from three reserved incentive objects [2][6][8]. Group 2: Decision and Disclosure Process - The decision for the buyback and cancellation was approved in a board meeting held on August 18, 2025, and was authorized by the second extraordinary general meeting of 2022, thus not requiring further shareholder approval [3][11]. - Legal opinions were provided by Guohao Law Firm, confirming compliance with relevant laws and regulations [11][12]. Group 3: Buyback and Cancellation Details - The buyback involves 38 individuals, including middle and grassroots management, with a total of 399,974 shares to be canceled, leaving 531,432 shares still under restriction after the buyback [9][10]. - The company has opened a special securities account for the buyback and submitted the application for cancellation, expected to be completed by January 13, 2026 [9][10]. Group 4: Company Commitments - The company assures that the decision-making process and information disclosure comply with legal and regulatory requirements, and there are no violations of the rights of incentive objects or creditors [11][12].