Konfoong Materials to cancel restricted stock, reduce capital

Konfoong Materials International (SZSE:300666) announced its plan to repurchase and cancel 0.08 million restricted shares following the departure of an employee initially granted these shares under the company's second equity incentive plan. The move, approved at board and shareholder meetings, will reduce the total share capital from 265,338,583 to 265,320,683 shares and decrease the registered capital accordingly, from RMB 265,338,583 to RMB 265,320,683. The cancellation covers 1.79 million shares in total, with the remaining 1.71 million covering previously approved shareholder resolutions. The company is notifying creditors, who have 45 days to request debt repayment or guarantees. The cancellation will be processed through China Securities Depository and Clearing Corporation Limited Shenzhen Branch.