CMST Development Repurchases and Cancels Restricted Shares

Tianjin Jingwei Law Firm confirmed that CMST Development’s repurchase and cancellation of restricted shares received necessary approvals. The company will repurchase a total of 4,872,998 shares from 124 incentive recipients.

The repurchase is based on two primary reasons: the company's 2024 performance not meeting the incentive plan's targets, and certain employees (3 individuals) no longer qualifying as incentive recipients due to retirement. The repurchase price has been adjusted to CNY 2.282 per share, factoring in previous cash dividends. The total share capital will decrease from 2,174,952,580 shares to 2,170,079,582 shares upon completion of the cancellation, expected by August 21, 2025. The funding for this repurchase will come from the company's own capital.