Shanghai Huayi to cancel 8.6m restricted shares

Shanghai Huayi Group (SSE:600623) announced today that it will proceed with the repurchase and cancellation of 8,618,318 restricted shares. The decision follows resolutions passed at the company's Extraordinary General Meetings held earlier this year. The cancellations are primarily due to employee departures, retirements, role changes, and the company's overall performance relative to its incentive plan targets. Specifically, 5,265,172 shares will be canceled based on the first Extraordinary General Meeting decisions, while 3,353,146 shares will be canceled based on the second. Following the cancellation, the company's restricted shares will decrease to 7,889,304, with the total share capital adjusted to 2,122,831,280 shares. The company confirms that the procedures adhere to relevant laws and regulations.