Yueyang Forest & Paper cancels restricted stock amid missed targets

Yueyang Forest & Paper (SSE:600963) announced the cancellation of 8,184,000 restricted shares on May 12, 2025, following approval at the company’s 8th Board Meeting. The decision, based on the company’s 2020 Restricted Stock Incentive Plan, addresses several factors, including the failure to meet 2024 performance targets and personnel departures. Primarily, the cancellation stems from 2024 results where the Return on Net Assets, at 8.95%, failed to meet the set target of 15.5%. Revenue growth also came in below expectations at -0.65%. Additionally, shares were cancelled due to key employees moving to other companies under the same controlling entity, and normal employee attrition due to resignation and retirement. The cancellation affects 227 individuals. The repurchase price was set at CNY 2.19657 per share with some shares repurchased for CNY 2.21335 and CNY 2.21479. Following the cancellation, the company’s restricted shares will be reduced to zero, with a total share count of 1,757,567,854.