Maanshan Iron & Steel (HKG:0323, SHA:600808) will repurchase and cancel 21,423,400 restricted A shares under its 2021 incentive scheme, according to a late-night Friday filing on the Hong Kong bourse.
Shares closed 6% higher in Hong Kong and 5% higher in Shanghai on Monday.
The move affects 222 participants and three retirees whose shares failed to meet unlocking conditions.
The company reported a 10.04% cash return on net assets and a gross profit loss of 4.51 billion yuan for 2024, falling short of incentive benchmarks.
The repurchase will be priced at 2.29 yuan per share for performance-related cancellations and 2.48 yuan per share for those due to personnel changes, totaling about 49.1 million yuan funded from internal resources.
The cancellation will reduce the company's total issued shares to 7,700,681,186.
The board and supervisory committee approved the transaction, which is still subject to shareholder approval.
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