Ming Yang Smart Energy Group Limited said its board approved a proposal to cancel 70,023,484 A-shares that had been designated for employee stock ownership plans or equity incentives.
The decision was made at the 37th meeting of the company’s third board on Wednesday, with directors agreeing to change the purpose of the repurchased shares from employee plans to cancellation and a reduction of registered capital. The proposal is subject to approval at an upcoming shareholders’ meeting.
Ming Yang initially authorized a buyback program on May 4, 2023, using its own funds, with an authorized range of RMB 500 million to RMB 1 billion. The company completed the repurchase on February 2, 2024, acquiring 89,813,484 shares at prices between RMB 8.52 and RMB 17.99 per share, spending approximately RMB 1 billion excluding transaction fees.
In September 2025, the board revised the allocation of those repurchased shares, designating 10 million for cancellation and retaining the remaining 79,813,484 for employee stock ownership plans or equity incentives. The cancellation of those 10 million shares was completed in December 2025, and 9,790,000 shares were transferred to the employee plan on December 26, 2025.
The latest cancellation will reduce Ming Yang’s total share capital from 2,261,496,706 shares to 2,191,473,222, a decrease of approximately 3.1%.
The company stated the move would not materially affect its debt-servicing ability, going-concern status, or shareholders’ equity, and would not impact its listing standing.
