Wantai BioPharm to cancel repurchased shares, reduce capital

Beijing Wantai Biological Pharmacy Enterprise (Wantai BioPharm) announced plans to change the purpose of 729,970 repurchased shares from "for employee stock ownership plan or equity incentive" to "for cancellation and reduction of registered capital." These shares represent 0.0577% of the company's current total share capital. The proposed cancellation requires shareholder approval.

The company completed a share repurchase in December 2022, acquiring 1,585,320 shares. Of these, 855,350 shares were transferred in May 2023 for the 2023 employee stock ownership plan, which was subsequently terminated in March 2024. The remaining 729,970 shares are now slated for cancellation.

Upon cancellation, Wantai BioPharm's total share capital will decrease from 1,265,122,774 shares to 1,264,392,804 shares. This move aims to protect investor interests and enhance long-term value, without affecting the company's financial health, operations, or control.