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SHANGHAI - Zhejiang Yongtai Technology Co., Ltd. (GDR:YTT) announced Thursday it has completed the repurchase and cancellation of 273,159 restricted shares under its 2024 Restricted Shares Incentive Scheme.
The repurchased shares represent 2.35% of the total restricted shares granted under the incentive scheme and 0.03% of the company’s total share capital prior to the repurchase, according to a company statement.
The Chinese technology firm repurchased 153,159 shares due to unmet company-level performance targets and an additional 120,000 shares from four participants who no longer qualified for unlocking.
The repurchase was executed at RMB4.30 per share, matching the original grant price, with total funds used amounting to RMB1,174,583.70 ($163,136) from the company’s own resources.
Following the transaction, Zhejiang Yongtai’s share capital decreased to RMB925,127,636.00, while its capital reserves now stand at RMB1,365,418,532.09.
BDO China Shu Lun Pan Certified Public Accountants LLP verified the capital reduction on October 23, confirming the company reduced its share capital by RMB273,159.00 and capital reserve by RMB901,424.70.
The company stated that the repurchase will not significantly impact its financial position or operating results due to the relatively small quantity of shares involved and limited funds used for the transaction.
Zhejiang Yongtai will now proceed with updating its industrial and commercial registration, including changes to registered capital and amendments to its Articles of Association.
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