Midea Group completes incentive share repurchase, announces capital reduction

Midea Group (SZSE:000333) announced the completion of the repurchase and cancellation of 1,493,543 incentive shares across its 2021, 2022, and 2023 restricted stock incentive plans. This move, affecting 52 employees after factoring in those with shares in multiple plans, reduces the company's total share capital and involved a total payout of CNY35,429,185.75. Concurrently, Midea Group disclosed plans to reduce its registered capital and change the use of its repurchased A-shares, earmarking them for cancellation to shrink the company's capital base instead of using for employee stock ownership and incentive plans. Further, the company intends to initiate a new share repurchase program, spending between CNY5 billion and CNY10 billion to repurchase A-shares via centralized bidding, with at least 70% of the repurchased shares slated for cancellation to reduce registered capital.