C&S Paper updates on share repurchase program, allocates to ESOP

C&S Paper Co. Ltd. has announced the latest progress in its share repurchase program. As of September 30, 2025, the company had cumulatively repurchased 23,015,200 shares through centralized bidding, representing approximately 1.79% of its total share capital. The total transaction value amounted to CNY 174,279,685, with the highest transaction price at CNY 8.69 per share and the lowest at CNY 6.01 per share.

Notably, 23,000,000 of the repurchased shares were transferred on September 9, 2025, to the "C&S Paper Co. Ltd. - Fourth Phase Employee Stock Ownership Plan" dedicated securities account via non-transactional transfer. Following this transfer, the company's dedicated share repurchase account held 15,200 shares as of September 30, 2025.

The company's board had previously adjusted the repurchase plan multiple times. Initially, the total repurchase amount was set between CNY 30,000,000 and CNY 60,000,000. Subsequent adjustments increased this range to between CNY 110,000,000 and CNY 160,000,000, and later to between CNY 160,000,000 and CNY 210,000,000. The source of funds was also expanded from "own funds" to "own funds and self-raised funds (including bank repurchase specific loans)." The repurchase period is from April 2, 2025, to April 1, 2026.