Jin Jiang Hotels to cancel treasury shares, reduces capital

Shanghai Jin Jiang International Hotels Development announced its decision to cancel 1,120,360 shares from its dedicated securities account for share repurchases. This move will reduce the company's registered capital and total share capital from 1,067,418,804 shares to 1,066,298,444 shares, with a corresponding decrease in registered capital to yuan 1,066,298,444. This action is taken in accordance with the "Company Law of the People's Republic of China" and other relevant regulations, which stipulate that repurchased shares not used for their intended purpose within three years must be cancelled.

The company previously initiated a share repurchase program on August 9, 2024, to facilitate an equity incentive plan, completing the repurchase of 8,000,000 shares by August 26, 2024. However, some of these shares were not fully utilized due to unfulfilled performance targets and relinquishments by incentive recipients across two tranches of restricted stock grants.

Creditors are notified that they have 45 days from September 9, 2025, to request the company to settle debts or provide corresponding guarantees, as mandated by law. The cancellation of these treasury shares is not expected to significantly impact the company's operations, financial position, or control structure, nor will it harm the interests of the company or its shareholders.