Zhong Guo Zheng Quan Bao - Zhong Zheng Wang·2025-09-27 00:45Core Points - The company has approved the 2023-2025 core employee stock ownership plan during the third extraordinary general meeting of shareholders held on July 20, 2023 [1] - The second phase of the core employee stock ownership plan for 2024 was approved during the first meeting of the eleventh board of directors on May 21, 2024 [1] - The first lock-up period of the current plan will end on September 30, 2025, with a total of 3,290,225 shares held in the dedicated securities account at the start of the plan [2] Stock Ownership and Lock-up Details - As of now, the dedicated securities account holds 2,565,041 shares, accounting for 0.1234% of the company's total share capital [3] - The plan has a maximum duration of 60 months, with the possibility of extending the duration by up to 12 months upon approval from two-thirds of the participating shareholders [3] - The first lock-up period lasts for 12 months from the date of the last stock transfer to the employee stock ownership plan [3] Unlocking and Distribution - The stocks obtained through the plan will be unlocked in three phases, with 30% unlocking after 12 months, another 30% after 24 months, and 40% after 36 months [3] - The first lock-up period will end on October 1, 2025, allowing for the unlocking of 769,551 shares, which is 0.0370% of the company's total share capital [3] Subsequent Arrangements - After the first lock-up period, the management committee will handle the rights disposal, attribution, and distribution according to the plan's regulations [4] - The plan will adhere to market trading rules and regulations set by the China Securities Regulatory Commission and the Shanghai Stock Exchange regarding stock trading periods [5] Changes and Termination - Any changes to the plan require approval from two-thirds of the participating shareholders and must be submitted to the board for review [5] - The plan will automatically terminate upon expiration of its duration or if all shares are sold [5] Other Information - The company will fulfill its information disclosure obligations in accordance with relevant laws and regulations regarding the progress of the plan [6]