Pangang Group completes share repurchase and cancellation

Pangang Group Vanadium Titanium & Resources has completed the repurchase and cancellation of 4,022,200 restricted shares from 88 incentive recipients. This follows the company's failure to meet performance targets for the third restricted period of its 2021 incentive plan. The shares were repurchased at their original grant price of RMB 2.08 per share, totaling a repayment of RMB 8,366,176.00, funded by the company's own capital.

This transaction reduces the company's total share capital from 9,294,970,045 shares to 9,290,947,845 shares. With the completion of this repurchase and cancellation, all granted shares under the 2021 restricted stock incentive plan have either been unlocked or canceled, concluding the plan's implementation.

The company stated that the repurchase and cancellation will not materially impact its financial condition or operating results, nor will it affect the enthusiasm or stability of the management team. The company's controlling shareholder and actual controller remain unchanged, and its equity distribution continues to meet listing requirements.