Freetrade Science & Tech to cancel repurchased shares

Zhangjiagang Freetrade Science & Technology Group (SSE: 600794) announced plans to cancel 12 million repurchased shares, representing 0.99% of its total share capital. This move will reduce the company's total share capital from 1,212,152,157 shares to 1,200,152,157 shares. The company will change the purpose of the shares from "For the Implementation of Equity Incentive Plan" to "Cancellation and Reduction of the Company's Registered Capital". The decision, approved by the board, is subject to shareholder approval. The repurchase, completed on June 23, 2022, involved a total expenditure of RMB 39,673,948.30. The company believes this action will benefit investors and increase earnings per share.