Neway Valve acquires full control of subsidiary, adjusts stock incentive plan

Neway Valve (Suzhou) announced its intention to acquire the remaining 40% equity in its controlled subsidiary, Wujiang Dongwu Machinery Co., Ltd., for RMB 139 million using its own funds. This transaction, approved by the board and pending shareholder approval, will grant Neway Valve 100% ownership of Dongwu Machinery, a high-tech enterprise specializing in safety valve manufacturing. The acquisition is expected to streamline governance and enhance market responsiveness.

Concurrently, Neway Valve detailed changes to its 2023 stock incentive plan. The company will repurchase and cancel 243,228 restricted shares (239,018 from initial grants and 4,210 from reserved grants) due to employee departures and performance-based adjustments. The repurchase price for these shares has been adjusted to RMB 4.62 per share, reflecting prior dividend distributions in 2023, 2024 (semi-annual and annual), and 2025 (semi-annual).

These adjustments to the stock incentive plan, totaling RMB 1,123,713.36, will be funded by the company's own capital. The overall share capital of Neway Valve will decrease from 775,526,127 shares to 775,282,899 shares following these repurchases, with corresponding updates to the company's registered capital. These changes aim to align the incentive plan with actual performance and shareholder distributions, without impacting the company's financial status or operational activities.