Zhongheng Electric announced that its board of directors has approved a proposal to change the purpose of repurchased shares, originally intended to safeguard company value and shareholder interests, to implementing equity incentives or employee stock ownership plans. The company previously approved a repurchase plan on April 11, 2025, planning to use its own funds to repurchase some A-shares through centralized bidding, with a total repurchase amount of no less than 25 million yuan and no more than 50 million yuan, and a repurchase price not exceeding 23 yuan per share. Between April 16 and July 10, 2025, the company repurchased a total of 1.8044 million shares, accounting for 0.32 percent of its total share capital, with a total transaction amount of 25.9896 million yuan. The company stated that this change aims to improve talent cultivation, incentive, and restraint mechanisms, fully motivate directors, senior management, and core personnel, and promote the company's sustainable development.
Hangzhou Zhongheng Electric Co LtdCompany changes repurchased shares to equity incentives, signaling commitment to talent retention and sustainable development.