Xiamen Xiangyu to cancel restricted shares after performance targets unmet

Xiamen Xiangyu Co. announced the repurchase and cancellation of 37,406,322 restricted shares, effective September 22, 2025. This action stems from its 2022 restricted stock incentive plan, where 10 participants left the company and the company's performance targets for two release restriction periods were not met.

The company's board and supervisory committee approved the proposal on June 27, 2025. This cancellation will reduce the total share capital from 2,806,369,661 shares to 2,768,963,339 shares, specifically decreasing the number of restricted tradable shares from 613,859,460 to 576,453,138 shares.

Despite the change in total share capital, the company stated that this will not alter its control structure, corporate governance, or continuous operations. Xiamen Xiangyu has completed the creditor notification process and received no objections regarding this repurchase and cancellation.