Huaxin Cement halts spin-off, announces share buyback and name change

Huaxin Cement Co., Ltd. announced the termination of its plan to spin off and list its overseas subsidiary. This decision, made after assessing that the spin-off timeline exceeded expectations and a potential conflict with listing rules regarding net profit contribution, will not adversely affect the company's operations or strategic plans.

In a related move, the company's Eleventh Board of Directors' Eighteenth Meeting approved a proposal for a share buyback program. Huaxin Cement plans to repurchase A-shares using its own funds, totaling between RMB32.25 million and RMB64.50 million, with a maximum price of RMB25 per share. The repurchased shares, ranging from 1.29 million to 2.58 million, are intended for future equity incentives and the program is scheduled to last up to six months.

Furthermore, the board approved a change to the company's Chinese name from "Huaxin Cement Co., Ltd." to "Huaxin Building Materials Group Co., Ltd.," and its A-share ticker from "Huaxin Cement" to "Huaxin Building Materials." This change aims to better reflect the company's diversified business scope, which now includes concrete, aggregates, environmental protection, and new building materials, aligning with its globalized building materials group strategy. These proposals are subject to shareholder approval at the upcoming 2025 Third Interim Shareholders' Meeting on October 24, 2025.