ST Changfang: Completed the repurchase and cancellation of 18.88 million restricted shares, with a repurchase amount of RMB 19.3365 million.

date
21/10/2026
ST Changfang announced that the company previously deliberated and approved the repurchase and cancellation of 20.48 million restricted shares under the 2024 restricted stock incentive plan that had not yet been released from lock-up, held by 84 incentive recipients, with a total repurchase amount of 20.48 million yuan plus interest. As of the announcement disclosure date, the repurchase and cancellation of a total of 18.88 million restricted shares held by 83 incentive recipients has been completed, with a repurchase amount of 19.3365 million yuan; the remaining 1.6 million shares have not yet been processed due to judicial freeze and will be processed promptly after the freeze is lifted. After the repurchase and cancellation, the company's total share capital changed from 830 million shares to 811 million shares.
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6 m ago
On October 21, according to an announcement by the U.S. Office of the Comptroller of the Currency (OCC), the final implementing rules of the GENIUS Act will take effect on January 18, 2027. Based on the disclosed provisions, their main impact is to preserve room for third-party stablecoin rewards and increase issuers' flexibility in reserve management, but they do not eliminate the prohibition on yield payments or relax the full reserve requirement. For trading platforms and distribution platforms, removing part of the presumption of illegality for arrangements between issuers and third parties alleviates the pressure under the draft for related businesses to be presumed non-compliant in advance, preserving room to attract users and retain funds through rewards. However, this does not mean that existing reward programs have been recognized as compliant: issuers are still prohibited from directly paying interest or yield, and third-party arrangements must also be subject to case-by-case review. Therefore, the dispute between banks and crypto platforms over stablecoin rewards and deposit competition remains unresolved. For issuers, canceling the proposed 20-day weighted average maturity cap and allowing excess reserves to be withdrawn at any time increases flexibility in asset allocation and cash management and may improve the efficiency of fund use. But this does not mean that reserve income will necessarily increase, let alone permit the use of assets used to fully back circulating stablecoins. If issuers choose to extend the holding period of eligible assets, they still need to manage interest rate and redemption liquidity risks. The redemption provisions reflect another layer of constraint: the final rules do not retain the arrangement for automatically extending the period during a redemption surge, meaning that more flexible reserve management does not mean that redemption requirements are relaxed accordingly. Redemption requests exceeding 10% of a stablecoin's circulating value within 24 hours are a trigger condition for notifying regulators, not a cap on user redemptions. Overall, the rules make the operating boundaries for issuers and platforms clearer, but implementation still has subsequent conditions. The OCC has yet to announce the time for accepting applications, and anti-money laundering and sanctions compliance rules will also be formulated separately. This release cannot be understood as meaning that all issuers or reward businesses have been approved to operate.
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