Weaver Network to repurchase employee stock, reduce capital

Shanghai Weaver Network (SSE:603039) will repurchase and cancel 4,237,118 shares from its 2023 employee stock ownership plan, representing 1.63% of its current total share capital. This action, approved in December 2025, will reduce the company's total shares from 260,603,073 to 256,365,955 and its registered capital from CNY 260,603,073 to CNY 256,365,955.

Creditors are being notified of the capital reduction, with a 45-day window from the announcement date to claim debts or request guarantees. The resolutions, including the share repurchase and a revision to the articles of association, were approved with strong shareholder support, exceeding two-thirds of voting rights at an extraordinary meeting.

DeHeng Law Offices (Hangzhou) confirmed that the convening and conduct of the shareholders' meeting complied with relevant laws and regulations, with all resolutions, including the share repurchase and capital reduction, being legally passed.