Bayi Iron & Steel to cancel restricted shares, notifies creditors

Xinjiang Ba Yi Iron & Steel announced the repurchase and cancellation of restricted shares, a decision approved at the company's 2024 Annual General Meeting. This action is due to the failure to meet the vesting conditions for the third tranche of its 2021 restricted stock incentive plan. The company will repurchase 5,793,600 shares held by 206 individuals due to unmet performance targets, at a price of CNY 3.13 per share. Additionally, 909,160 shares from 28 departing employees will be repurchased at CNY 3.28 per share, plus interest. Finally, 72,080 shares held by 3 resigned employees will be repurchased at CNY 3.13 per share. The repurchase will decrease total share capital, reducing registered capital from CNY 1,538,691,470.00 to CNY 1,532,897,870.00. Creditors have 30-45 days to claim debt repayment or guarantees.