HYC Technology to repurchase unvested shares, reducing capital

Suzhou HYC Technology announced it will repurchase and cancel 888,000 unvested shares from its 2024 employee stock ownership plan due to unfulfilled performance targets. This action, approved by the board on October 30, 2025, and shareholders on November 19, 2025, will reduce the company's registered capital from yuan 445,377,843 to yuan 444,489,843. Creditors are invited to declare claims within 30 days of receiving notice or 45 days from the announcement disclosure.

This decision follows the successful implementation of the 2025 employee stock ownership plan, which has a total fund size not exceeding yuan 27.1075 million. The plan’s stock source is repurchased A-shares, acquired at a price of yuan 15.49 per share. The company noted that its current total share capital stands at 445,377,843 shares, with 2,392,801 shares held in the company's dedicated repurchase account not enjoying voting rights.

In related news, Pan Tiewei resigned as a non-independent director and member of the strategic committee due to work adjustments but will continue as deputy general manager. The company also elected Ms. Zhang Haoliang as a new employee representative director and a member of the strategic committee.