Sichuan Development Longmang to cancel restricted shares amid board changes

Sichuan Development Longmang Co., Ltd. announced the repurchase and cancellation of 1,629,375 restricted shares from 174 incentive plan participants. This includes 48,375 shares from 5 participants due to position changes or voluntary resignations, and 1,581,000 shares from 169 participants because performance targets for the 2021 Restricted Stock Incentive Plan's third unlocking period were not met. The total repurchase amount is 13,678,128.75 yuan, funded by the company's own capital.

Concurrently, the company is updating its Articles of Association, reducing its registered capital from 1,889,338,619 yuan to 1,887,709,244 yuan. These changes follow recent resignations from non-independent directors Mr. Zhou Bing and Mr. Zhang Xu, citing work adjustments. To ensure proper governance, the company nominated Mr. Chen Yujia and Mr. Zhou Yi as new non-independent director candidates, with Mr. Zhou Yi also nominated for the Remuneration and Assessment Committee.

The company also approved a comprehensive overhaul of its internal governance, including revised rules for shareholders' meetings, board meetings, independent director work, investment management, and a new remuneration management system for enterprise executives, all effective from 2025. These measures aim to enhance corporate governance and align with regulatory requirements.