Xingyu Shares Responds to Backlash, Announces Buyback Plan Yet to Be Executed
Xingyu Shares held its 2026 interim results briefing on September 2, 2026, where Chairman Zhou Xiaoping apologized again for the controversial collective dismissal of fresh graduates, confirmed corrective measures, and reported false media coverage to regulators. The company also disclosed that its RMB 100 million to RMB 200 million share buyback plan, proposed on July 28, had not yet been executed as of August 31, 2026.
Xingyu Shares held its 2026 interim results briefing on September 2, 2026. Chairman Zhou Xiaoping once again apologized for the recent incident involving the collective dismissal of fresh graduates, which was described as humiliating. She stated that the company had publicly issued a letter of apology and was implementing relevant measures properly under the guidance of government authorities.
The company said it has established various employment policies in accordance with laws and regulations. Following the incident, it reviewed and rectified its practices to safeguard the legitimate rights and interests of employees through institutional and procedural measures. In response to what it described as inaccurate media reports, the company has filed complaints with the cyberspace administration and cybersecurity authorities to protect its legal rights.
Regarding the share buyback, the company disclosed that as of August 31, 2026, no repurchase had been implemented. Under the plan, the company intends to use its own funds of between RMB 100 million and RMB 200 million to repurchase shares for cancellation and reduction of registered capital, at a price not exceeding RMB 148.51 per share. The buyback period runs from August 12, 2026 to August 11, 2027. The plan was proposed by Chairman Zhou Xiaoping on July 28, and the company will implement it at an appropriate time within the buyback period while fulfilling disclosure obligations.
The company noted that its share price is subject to uncertainty from factors including the macroeconomic environment, industry trends, operating performance, market liquidity, and investor preferences. In response to market rumors of a sharp decline in orders, the company said such rumors were untrue, adding that it has sufficient projects in mass production and development, and that its production and operations remain normal.