Transfar Zhilian to cancel repurchased shares, reduce capital

Transfar Zhilian (SZSE: 002010) announced its intention to change the use of previously repurchased shares, shifting from potential equity incentives or employee stock ownership plans to cancellation and a reduction in registered capital. The company will cancel 23,939,600 shares currently held in a dedicated repurchase account. This cancellation will reduce the total share capital from 2,787,970,508 shares to 2,764,030,908 shares. The original repurchase, authorized in July 2021, saw the company spend CNY 200,019,617.10 (excluding transaction fees) to acquire shares at prices between CNY 6.380 and CNY 9.224 per share. The company believes this move will enhance shareholder value and boost investor confidence, increasing earnings per share and net assets per share. The proposed cancellation is subject to shareholder approval at an upcoming general meeting.