FangWei Network: Intends to repurchase and cancel 4,237,100 shares of the 2023 Employee Stock Ownership Plan.

Fangwei Network announced that due to the fact that the 2023 annual company-level performance assessment indicators set for the 2023 employee stock ownership plan were not met, the company has decided to terminate the implementation of the plan. The company plans to repurchase and cancel a total of 4.2371 million shares held in employees' stock ownership plan securities accounts. The company has submitted a repurchase and cancellation application, and it is expected to complete the repurchase and cancellation process by February 27, 2026. After the repurchase and cancellation is completed, the total share capital of the company will be reduced from 261 million shares to 256 million shares, all of which will be freely tradable shares.