Beijing Shougang to repurchase shares for equity incentive plan

Beijing Shougang Co., Ltd. plans to repurchase 40 million to 80 million of its A-shares, representing 0.52% to 1.03% of its total share capital, for an equity incentive plan. The repurchase price will not exceed RMB 6.50 per share, with an estimated total expenditure ranging from RMB 26,000 to RMB 52,000. The board of directors approved this resolution on September 29, 2025, and the repurchase will occur via centralized bidding within 12 months.

The company's 2025 equity incentive plan includes both stock options and restricted shares, totaling up to 155.047 million shares, or 2% of the company's total share capital. The stock options' exercise price is set at RMB 4.22 per share, while the restricted shares' grant price is RMB 2.53 per share. These prices were determined based on recent trading averages and will be used to motivate core management and technical personnel.

The incentive plan, which has received preliminary approval from the Beijing State-owned Assets Supervision and Administration Commission, is contingent upon shareholder approval. The company is also seeking shareholder approval for the appointment of Mr. Zhu Guosen as a new director at an extraordinary general meeting scheduled for October 22, 2025.