Will Semiconductor to cancel repurchased shares, reduce capital

Will Semiconductor Shanghai (SSE:603501) announced it will cancel 11,213,200 repurchased shares, decreasing both its total share capital and registered capital by the same amount. The decision, approved by shareholders in the 2024 annual general meeting, involves shares repurchased under a buyback program initiated in January 2024. The company repurchased the shares at prices between CNY 84.04 and CNY 92.79 per share, for a total cost of CNY 999,731,817.55 (excluding transaction fees). The company cites an increase in shareholder value, per-share net assets, and enhanced investor confidence as reasons for altering the purpose of the buyback from stock awards to share cancellation. Creditors are now being notified and have 30-45 days to claim debt repayment or request security. The deadline to submit such claims is 45 days from June 12, 2025, the date of this announcement.