Megmeet to repurchase shares, reduces capital, elects new director

Shenzhen Megmeet Electrical announced plans to repurchase and cancel 35,000 restricted shares, representing 1.13% of the total restricted shares and approximately 0.01% of the company's total share capital before the repurchase. This decision, approved on October 29 and November 14, 2025, follows the departure of five incentive scheme participants who no longer qualify. Creditors are invited to declare their claims starting November 15, 2025, within 45 days.

The company also announced the election of Mr. Mao Dongcai as an employee representative director for the sixth board of directors. Mr. Mao, who has been with Megmeet since 2010 and currently serves as deputy general manager of the Industrial Power Business Unit, will join five non-employee representative directors to form the new board, with a three-year term.

These actions align with the company's previously approved 2025 restricted share incentive plan and corporate governance requirements. Mr. Mao holds no company shares and has no affiliations that would disqualify him from serving on the board.