China Railway Group announces share buyback due to missed performance targets

China Railway Group Limited announced on September 30, 2025, a capital reduction after repurchasing and canceling 54,786,990 restricted shares. This action, approved by the board of directors, stems from the failure to achieve company-level performance targets for the third unlocking period of the 2021 Restricted Share Incentive Plan. As a result, 678 incentive recipients will have their unvested restricted shares repurchased and cancelled.

The buyback will reduce the company's total share capital from 24,741,008,919 shares to 24,686,221,929 shares, with an equivalent reduction in registered capital. The total repurchased amount of 152,836,335.43 yuan will be funded by the company's own capital. The repurchase prices were adjusted for dividends, resulting in 2.766 yuan per share for initial grants and 3.092 yuan per share for reserved grants, based on the lower of the adjusted grant price or market price.

Creditors have been notified to file claims within 45 days from the announcement date. The board confirmed that the buyback complies with relevant regulations, will not impact the company's financial or operational performance, and does not harm shareholder interests.