Shaoneng Group announces share repurchase plan, notifies creditors

Guangdong Shaoneng Group announced on September 15, 2025, a plan to repurchase company shares to reduce its registered capital and for equity incentives. The decision was approved by the board of directors on October 25, 2024, and by shareholders on November 13, 2024. The company intends to repurchase up to 3.00% of its total share capital, or 32.4166 million shares, at a price not exceeding 6.00 yuan per share. Of this, 1.5% (16.2083 million shares) will be canceled to reduce registered capital, and the remaining 1.5% is earmarked for equity incentives.

Following the repurchase, creditors have from September 16, 2025, to October 30, 2025, to request repayment or guarantees by submitting valid debt claims. This period ensures creditors' rights are protected during the capital reduction process. Any unclaimed debts will continue to be honored according to original agreements.

A correction was issued on September 15, 2025, regarding the timeline for the repurchased shares. Shares designated for cancellation will be legally canceled within 12 months from the completion of the repurchase, while shares for equity incentives will be used within 36 months, or also canceled if unused.