STO(SZ:002468) Shang Hai Zheng Quan Bao·2025-03-28 23:36Core Viewpoint - The announcement details the expiration of the lock-up period for the first phase of the employee stock ownership plan (ESOP) of Shentong Express, highlighting the performance metrics achieved during the lock-up period and the subsequent arrangements for the unlocked shares [1][3][8]. Summary by Sections Employee Stock Ownership Plan Overview - The ESOP was approved in March 2022, with a lock-up period of 36 months starting from March 29, 2022, and ending on March 28, 2025 [1][3]. - The stock source for the ESOP includes 19.5599 million shares repurchased by the company between October 15, 2020, and January 15, 2021 [1]. Performance Metrics - The performance metrics for the ESOP were based on the company's growth compared to the overall express delivery industry growth rates, which were 2.1% for 2022 and 19.4% for 2023 [5]. - The company reported growth rates of 16.89% for 2022 and 35.23% for 2023, significantly exceeding the industry averages [5]. Individual Performance Assessment - A total of 28 participants left the program, while 87 participants achieved a performance rating of C3 or above in the first assessment period [7]. - The performance assessment results determine the actual unlocking ratio of shares for participants, with a grading system from A to D [6][7]. Post-Lock-Up Arrangements - After the lock-up period, the management committee will decide on the sale of unlocked shares based on market conditions and the ESOP's guidelines [8]. - The plan includes restrictions on trading during specific periods, such as before financial report announcements [8]. ESOP Duration and Changes - The ESOP has a total duration of 72 months, with provisions for extension if approved by a two-thirds majority of participants [10]. - Changes to the ESOP require similar approval from participants and board review [10]. Share Buyback Completion - The company completed a share buyback program, repurchasing 19.905973 million shares, which is 1.30% of the total share capital, with an average price of 11.04 yuan per share [16]. - The buyback is intended to support the ESOP and enhance shareholder value without affecting the company's operational capabilities [17].