SF Holding Co., Ltd. filed its monthly return for May 2026, detailing stable H-share capital and significant movements in A-share treasury stock. Key takeaways are as follows:

1. Share Capital Snapshot • Authorised share capital remained at RMB 5.04 billion, split between 4.80 billion A shares and 240 million H shares. • Issued H-shares stayed flat at 240 million. • Issued A-shares rose by 96.29 million to 4.80 billion after the full transfer of treasury shares back into circulation.

2. Treasury Shares and Repurchase Activity • All 96.29 million treasury A-shares were removed from treasury during the month, reducing the treasury balance to zero. • The company repurchased an additional 21.38 million A-shares between 6–8 May 2026 at prices ranging from RMB 37.12 to RMB 37.64 per share. • A total of 153.75 million A-shares are now classified as “repurchased for cancellation but not yet cancelled,” including 117.67 million originally earmarked for an employee incentive plan and subsequently redirected for capital reduction.

3. Public Float Compliance • The H-share class meets Main Board Rule 13.32B, holding a public float of 4.76%—equivalent to HK$8.42 billion in market value as at 31 May 2026.

4. Outstanding Convertible Bonds • HK$2.95 billion zero-coupon guaranteed convertible bonds due 2026 remain outstanding, with a conversion price of HK$47.43 per share. Full conversion would add up to 62.20 million new H-shares.

5. Stock Option Incentive Plan • The 2022 Stock Option Incentive Plan retained 17.47 million outstanding options; no options were exercised, issued or cancelled during the month.

Overall, May’s activity centered on A-share capital optimisation through repurchase and planned cancellation, while the H-share structure, public float, and convertible bond profile remained unchanged.