Beijing Shougang to cancel remaining 2021 restricted stock

Beijing Shougang Co., Ltd. (SZSE:000959) announced plans to repurchase and cancel all remaining 19,013,650 restricted shares under its 2021 Restricted Stock Incentive Plan. The decision follows the company's failure to meet its 2024 performance targets, a condition for the release of the restricted shares, and organizational changes affecting some incentive recipients. The repurchase price will be based on the grant price, adjusted for dividends, or the market price, whichever is lower, using own funds or self-raised funds. A portion of the shares will be repurchased at CNY 3.14 per share while other portions will be repurchased at CNY 3.25 or CNY 3.17. Once completed, the cancellation will reduce the company's total share capital from 7,773,981,020 shares to 7,754,967,370 shares, with limited shares decreasing from 16.29% to 16.09%. The move is subject to shareholder approval.