Ginlong technologies adjusts capital, structure, and stock incentives

Ningbo Ginlong Technologies will utilize CNY 1.5 billion of idle raised funds to temporarily supplement working capital for its main business operations, aiming to optimize fund efficiency and reduce financial costs. This decision, approved by the board and supervisory board, is valid for 12 months, with funds to be returned to the dedicated account before expiration.

In parallel, the company has announced comprehensive changes to its articles of association and organizational structure. The board will now include an employee representative director, adjusting the board composition to three non-independent, three independent, and one employee representative director. The supervisory board's responsibilities will be transferred to a newly established audit committee under the board.

Furthermore, Ginlong Technologies will cancel and repurchase a total of 121,955 restricted shares from its 2023 incentive plan. This includes 55,600 shares from 9 employees who have left the company and 106,905 shares due to the company's failure to meet the second vesting period's performance targets. These repurchases will decrease the registered capital from CNY 398,113,845 to CNY 398,058,245.