Qingshan Paper to cancel restricted shares, cites missed targets

Fujian Qingshan Paper Industry (SSE:600103) announced it will repurchase and cancel 12,428,300 restricted shares granted under its 2024 incentive plan. The decision stems from the company's failure to meet its 2024 performance targets and the death of one of the plan's participants. The repurchase price will be CNY 1.04131 per share, adjusted from the original grant price of CNY 1.07 to account for cash dividends distributed in 2023 and 2024. The cancellation will reduce the company's total share capital from 2,253,255,047 shares to 2,240,826,747 shares, and registered capital will decrease from CNY 2,253,255,047 to CNY 2,240,826,747. This action will not affect the company's control structure. Additionally, a legal dispute involving its subsidiary, Taiping Forest Farm, has been re-examined by the Fujian High People's Court, with the original judgment suspended during the review.