Tongkun Group announces share repurchase, capital reduction, and director appointment

Tongkun Group Co., Ltd. announced that its board of directors approved the repurchase and cancellation of 4,552,410 restricted shares from 421 incentive recipients. This action follows the departure of 10 incentive recipients and the failure to meet performance targets under the 2023 Restricted Stock Incentive Plan. As a result, the company's registered capital will decrease from RMB 2,404,779,773 to RMB 2,400,227,363, and total shares will decrease accordingly. Creditors have 45 days from November 22, 2025, to declare their claims.

In conjunction with the capital change, Tongkun Group will amend its Articles of Association. The company’s board of directors also approved the elimination of the supervisory board and the appointment of Xu Xuegen as an employee representative director, effective from November 21, 2025. Mr. Xu, born in September 1970, holds a bachelor's degree in Industrial and Commercial Management and has served in various leadership roles within the group since June 2023.

These changes reflect corporate governance adjustments and the company's ongoing management of its incentive plans. The company's board of directors has been authorized to handle all necessary registration and filing procedures following these approvals.