Will Semiconductor to cancel repurchased shares

Will Semiconductor Shanghai (SSE:603501) announced that its chairman, Yu Renrong, has proposed altering the use of the company's 2024 share repurchase program. Instead of the original purpose, the chairman suggests canceling all 11,213,200 repurchased shares, representing 0.92% of the company's total share capital, to reduce registered capital. This change aims to improve key financial metrics such as earnings per share and boost investor confidence. The repurchased shares have an average cost of CNY 89.16 per share. The total cost of these shares amounts to CNY 999,731,817.55. The proposed change requires approval from the company's board of directors and shareholders' meeting before it can take effect.