Vantone Development to cancel repurchased shares

Beijing Vantone Real Estate (SSE: 600246) announced its plan to cancel 26,728,000 shares, repurchased in 2022, that are held in a dedicated securities account. This move will reduce the company's registered capital accordingly. The shares will be canceled because they were not used for the intended employee stock ownership or equity incentive plan within the stipulated three-year period. The share cancellation will reduce the total share capital from 1,943,644,076 to 1,916,916,076, and the registered capital from the same amount in RMB to the reduced amount. The decision, aimed at rewarding investors, is subject to shareholder approval. The company confirmed that the cancellation would not affect its controlling shareholder or its listing status.