On October 19, RIGOL (00537.HK) announced plans to repurchase and cancel a total of 97,984 Class I restricted shares granted but not yet unlocked under its 2024 restricted stock incentive plan, held by 63 incentive recipients. The cancellation is expected to be completed by October 22, 2026.
Regarding the repurchase price, the repurchase price for Class I restricted shares held by business partners is 17.23 yuan per share, while the repurchase price for Class I restricted shares held by corporate partners is 19.08 yuan per share.
The reasons for the repurchase and cancellation include: the company's 2025 operating revenue grew 16.04% year-on-year, falling short of the performance assessment target, resulting in a company-level unlockable ratio of 81.39%, with the remaining 33,793 shares not eligible for unlocking; 7 incentive recipients who departed the company are associated with 49,243 shares that cannot be unlocked, and an additional 14,406 shares held by another departed incentive recipient will be repurchased and cancelled by the company; 2 incentive recipients subject to personal performance assessment issues are associated with 279 shares and 263 shares respectively, which will also be repurchased and cancelled by the company.
The repurchase price has been adjusted accordingly based on the 2025 annual equity distribution plan (a cash dividend of 0.40 yuan per share). The company has submitted the relevant repurchase and cancellation applications to the Shanghai Branch of China Securities Depository and Clearing Corporation Limited. After the cancellation is completed, the company will proceed with the relevant industrial and commercial registration change procedures in accordance with the law.
JunHe Law Offices Shanghai Branch issued a legal opinion on the implementation of this repurchase and cancellation, concluding that the company has obtained the necessary approvals and authorizations at the current stage for this repurchase and cancellation, and the specific contents comply with relevant regulations.
As this repurchase and cancellation will result in a reduction of the company's registered capital, the company still needs to continue fulfilling its corresponding information disclosure obligations and complete procedures for reducing registered capital and registering the share cancellation.
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