SHUANGHUAN COMPANY(SZ:002472) Shang Hai Zheng Quan Bao·2025-09-16 19:12Core Viewpoint - Zhejiang Double Ring Transmission Machinery Co., Ltd. has successfully completed the non-trading transfer of shares under its 2025 Employee Stock Ownership Plan (ESOP), which was approved by the board and shareholders earlier in 2025 [1][6]. Group 1: Employee Stock Ownership Plan Details - The ESOP was approved during the board meeting on July 10, 2025, and the first extraordinary shareholders' meeting on July 29, 2025 [1]. - The shares for the ESOP were sourced from the company's stock repurchase conducted between January 18, 2023, and March 13, 2023 [1]. - The total number of shares repurchased was 10,392,177, representing 1.22% of the company's total share capital, with a total transaction amount of approximately 299.96 million yuan [2]. Group 2: Fundraising and Subscription - The ESOP aimed to raise a maximum of 16.40 million yuan, with each subscription unit priced at 1.00 yuan [4]. - A total of 352 employees participated in the ESOP, contributing a total of approximately 163.99 million yuan, which corresponds to the repurchased shares [4]. Group 3: Share Transfer and Lock-up Period - The shares were transferred to the ESOP account on September 15, 2025, and the plan has a duration of 36 months [6]. - The shares will be unlocked in two phases, with 50% released after 12 months and the remaining 50% after 24 months [6]. Group 4: Related Party Transactions - The ESOP includes company directors, supervisors, and senior management, who have disclosed their relationships and recused themselves from voting on related proposals [7]. - There are no agreements for concerted action among the ESOP participants, and they will forfeit voting rights while retaining rights to dividends and other benefits [7]. Group 5: Accounting Treatment - The company will follow the accounting standards for share-based payments, recognizing the costs associated with the ESOP based on fair value at the grant date [8]. Group 6: Independent Director Resignation - The company announced the resignation of independent director Chen Bufe, who served for six years, in compliance with regulations [11][12]. - The resignation will take effect after the election of a new independent director at the shareholders' meeting [12].