GEM adjusts share buyback terms after incentive plan misses target

GEM Co., Ltd. (SZSE:002340) announced adjustments to its 2022 restricted stock incentive plan after performance targets weren't met. The company will repurchase and cancel 8,750,450 restricted shares held by 542 employees. Due to the missed targets, the repurchase price was adjusted to CNY 3.4450 per share. The total cost for the buyback is estimated at CNY 30,145,300. All funds for the repurchase will come from the company's own capital. Once completed, GEM's total share capital will decrease from 5,124,299,057 to 5,115,548,607 shares. This action will not affect the company's ownership structure or continued listing status. The share repurchase remains subject to shareholder approval.