Yueyang Xingchang Petrochemical to repurchase and cancel restricted shares

Yueyang Xingchang Petrochemical (SZSE: 000819) will repurchase and cancel 193,000 restricted shares following approval at the 71st (2024) shareholders’ meeting, prompted by the departure of two incentive recipients, as disclosed in its recent announcement. This action will reduce the company's registered capital from CNY 369,697,506 to CNY 369,504,506. Creditors have 45 days from the date of the announcement to claim debt repayment or provide corresponding guarantees. This decision was made in conjunction with the approval of modifications to the company's articles of association, ensuring alignment with updated shareholder equity. The annual shareholder meeting also approved the 2024 board and supervisory reports, financial statements, profit distribution plan, and the purchase of directors and officers liability insurance, as well as the engagement with China Petrochemical Finance for financial services, demonstrating a comprehensive approach to corporate governance and financial strategy. Yueyang Xingchang Petrochemical also announced the resumption of production for main units and subsidiaries, after scheduled maintenance for essential equipment was successfully completed in April and May, ensuring safety and stable production.