Beijing Shougang adjusts share buyback plan, secures loan commitment

Beijing Shougang Company Limited has adjusted its share repurchase plan, changing the funding source to "自有资金 및 주식 재매입 특별 대출" (own funds and special loan for share repurchase). This modification, approved by the board on October 22, 2025, allows the company to leverage favorable loan policies and optimize its capital structure. The revised plan will utilize a specialized stock repurchase loan from the Beijing Branch of Industrial and Commercial Bank of China Limited, providing up to RMB 468 million, or 90% of the total repurchase amount, over a period not exceeding three years. The overall repurchase amount remains between 40 million and 80 million shares, at a maximum price of RMB 6.50 per share.

Concurrently, the company announced the resignation of Qiu Yinfu from his positions as chairman and director, effective October 22, 2025, due to work adjustments. Qiu held no company shares and has completed the necessary handover procedures. His departure will not impact the board's operational capacity or composition.

The adjusted repurchase plan, along with the leadership change, aims to ensure the smooth execution of the buyback, safeguard investor interests, and manage market opportunities. Investors are advised to consider potential risks, including the possibility of the plan not being fully implemented if the stock price consistently exceeds the maximum repurchase price.