Hengyi Petrochemical cancels repurchased shares, changes use of funds
Hengyi Petrochemical (SZSE:000703) announced its decision to cancel 63,703,752 repurchased shares from the second phase of its share buyback program. Initially, the shares were intended for an employee stock ownership plan or equity incentives. However, in an April 28th board meeting, directors approved changing the use of these shares to cancellation in order to reduce the company's registered capital. This decision, still subject to shareholder approval at an upcoming general meeting, aims to enhance investor confidence and improve shareholder returns, according to the company's filing.
This report was generated by FilingReader's AI system from regulatory filings and company disclosures. To request a correction, contact editorial@filingreader.com
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