Shengyi Tech to cancel shares, notify creditors

Shengyi Technology has announced its plan to repurchase and cancel 97,600 restricted shares from its 2024 equity incentive plan due to employee departures and unmet performance targets. The buyback will reduce the company's registered capital from 2,429,360,530 to 2,429,262,930 shares. As a result of the capital reduction, Shengyi Technology is notifying its creditors, who have 30 days from the date of notification (or 45 days from the date of this announcement) to request debt repayment or guarantees. The company will continue to fulfill debt obligations according to the original debt documents. The repurchase and cancellation plan was approved at the company's Board and Shareholder meeting. Creditors may contact Ms. Chen at 0769-22271828 ext. 8225 for inquiries.