Bestechnic (Shanghai) (SH:688608) Zheng Quan Zhi Xing·2025-07-07 14:13Core Viewpoint - The legal opinion letter from Shanghai Jintiancheng Law Firm confirms that the adjustments to the 2022 and 2023 restricted stock incentive plans of Hengxuan Technology (Shanghai) Co., Ltd. have met the necessary conditions for granting and the invalidation of certain unvested restricted stocks [1][12][18]. Group 1: Approval and Authorization - Hengxuan Technology has completed the necessary approvals and authorizations for the adjustments to the 2022 and 2023 restricted stock incentive plans, including independent opinions from the board of directors and verification from the supervisory board [5][6][12]. - The company held multiple meetings to review and approve various related proposals, including the adjustment of grant prices and the invalidation of certain restricted stocks [8][9][10][11]. Group 2: Specifics of the Adjustments - The adjustments to the grant prices for the restricted stocks are calculated based on the company's profit distribution and capital reserve conversion, resulting in a new grant price of approximately 69.67 yuan per share for the 2022 plan and 44.91 yuan per share for the 2023 plan [14][13]. - The number of restricted stocks granted has also been adjusted accordingly, with the total adjusted grants being approximately 1,804,426 shares for the 2022 plan and 2,922,770 shares for the 2023 plan [14][13]. Group 3: Vesting Conditions - The third vesting period for the 2022 restricted stock incentive plan is defined as from May 13, 2025, to May 12, 2026, with specific performance conditions that must be met for the stocks to vest [15][16]. - The performance targets include achieving a revenue of 3 billion yuan for the year 2024, which has been confirmed by an audit report [16]. Group 4: Invalidation of Unvested Stocks - A total of 112,460 shares of restricted stocks that were granted but not vested have been invalidated due to performance assessment results and the departure of certain employees [17]. - The invalidation process aligns with the regulations outlined in the company's incentive plan, ensuring compliance with the relevant management measures [17]. Group 5: Information Disclosure - The company is obligated to disclose information regarding the adjustments to the incentive plans and the invalidation of stocks in accordance with applicable laws and regulations [18][19].