Megmeet adjusts capital and board as stock options, departures drive changes

Shenzhen Megmeet Electrical (SZSE:002851) has announced changes to its registered capital, an increase in board seats, and revisions to its Articles of Association. The company's total share capital will change from RMB 545,697,847 to RMB 55,007.7251 million, with registered capital adjusted accordingly. These changes are primarily due to the exercise of stock options from the 2022 stock option incentive plan, increasing total share capital by 3,703,554 shares, and the cancellation of 35,000 restricted shares from the 2025 restricted stock incentive plan due to employee departures. The repurchase price for these shares has been adjusted to RMB 22.92 per share.

The board of directors will increase from five to six members, including one employee representative director. Independent directors will remain at two, while non-independent directors will increase from three to four. The company has also initiated the re-election of its Sixth Board of Directors, with Mr. Tong Yongsheng, Mr. Zhang Zhi, and Ms. Wang Xuefen nominated as non-independent directors, and Mr. Chu Pan and Mr. Shen Huayu nominated as independent directors. These resolutions, approved by the Fifth Board of Directors at its twenty-first meeting on October 29, 2025, will be submitted for approval at the Fourth Extraordinary General Meeting of Shareholders in 2025.