Shanghai Weaver Network plans share sales, repurchases following board meeting

Shanghai Weaver Network announced plans to sell up to 2,544,250 repurchased shares, representing 0.98% of its current total share capital, via centralized bidding transactions. The sales will occur over a six-month period from December 26, 2025, to June 25, 2026, with proceeds designated for working capital and main business operations. This follows a board resolution on December 4, 2025, which also set the shareholder meeting for December 23, 2025.

Additionally, the company will repurchase and cancel 4,237,118 shares from its 2023 employee stock ownership plan, which has been terminated. This action will reduce the total share capital from 260,603,073 shares to 256,365,955 shares, with a corresponding reduction in registered capital from CNY260,603,073 to CNY256,365,955. The buyback price for these shares is CNY37.35 per share, totaling CNY158,256,357.30.

The board also approved amendments to the company's articles of association to reflect the revised registered capital and total share capital. Both the sale of repurchased shares and the cancellation of employee stock ownership plan shares are contingent upon shareholder approval at the upcoming meeting.