China Unicom to cancel 22.8m restricted shares

China United Network Communications (SSE: 600050) announced it will repurchase and cancel 22,841,600 restricted shares previously granted under its second restricted stock incentive plan. The cancellation affects 1,070 individual incentive recipients. 1,724.46 million shares are being cancelled due to personal performance reasons, where incentives did not meet the conditions for full unlocking. Additionally, 488,1 million shares will be cancelled from 37 employees who have left the company, and 71.6 million shares from 5 employees due to retirement or transfers. Following the cancellation, the total number of restricted shares outstanding will be reduced to 497,599,200, and the total number of shares to 31,264,425,327. The company confirms the repurchase and cancellation adhere to relevant laws and regulations.