Kinwong Electronic to cancel restricted shares for incentive plan participants

Shenzhen Kinwong Electronic Co., Ltd. is proceeding with the repurchase and cancellation of 342,648 restricted shares issued under its 2024 Stock Option and Restricted Share Incentive Plan. This action primarily affects 123 incentive plan participants due to their departure from the company or failure to meet individual performance targets for 2024. The repurchase price for these restricted shares is CNY 9.39 per share, with company-owned funds used for the transaction.

The decision was approved by the company's board and supervisory committee. Notifications to creditors regarding the reduction in registered capital were issued on May 27, 2025, and July 10, 2025. No demands for debt repayment or guarantees were received within the 45-day notice periods.

Following the cancellation, scheduled for September 15, 2025, the total number of outstanding restricted shares under the 2024 incentive plan will be 9,061,640. The company will also adjust its total share capital from 942,786,609 shares to 942,443,961 shares. Beijing Guantao (Shenzhen) Law Firm confirmed that the procedures comply with relevant regulations, pending final industrial and commercial registration for the capital reduction.