Summary by Moomoo AI
CHINA CHIC CO., LTD. ANNOUNCED THAT IT WILL REPURCHASE AND WRITE-DOWN A PORTION OF RESTRICTED SHARES GRANTED UNDER THE RESTRICTED STOCK INCENTIVE PROGRAM IN 2021 BUT NOT YET LIFTED, INVOLVING A TOTAL OF 156.6166 MILLION SHARES OF 7 INCENTIVES. This is because some of these motivators leave the company, die, actively resign, violate the law, or fail to qualify for personal assessment. The repurchase price is RMB3.154 per share, part of which will be accompanied by interest. The repurchase write-off was approved by the Board of Directors on December 29, 2023 and is expected to be completed on March 11, 2024. Upon completion, the total number of shares in the company will be reduced from 24,752,195,983 shares to 24,750,629,817 shares. The Company stated that this repurchase write-off will not have a material impact on the Company's financial condition and operating results, nor will it affect the diligent due diligence of the management team.