Yueyang Forest & Paper cancels restricted stock incentive program

Yueyang Forest & Paper (SSE:600963) announced the implementation of the repurchase and cancellation of equity incentive restricted stocks. A total of 8,184,000 shares will be cancelled on May 12, 2025. This action is due to employees leaving the company, being transferred to other subsidiaries of the controlling shareholder, or retiring, as well as the company not meeting 2024 performance targets. The repurchase price is set at CNY 2.19657 per share, adjusted from the initial grant price, with the funds sourced from the company's own capital. This cancellation reduces the restricted shares to zero and doesn't change the total share capital. The company has completed required legal procedures and notified creditors. The company has obtained approval from its board of directors to carry out the buyback.