Shang Hai Zheng Quan Bao·2025-11-14 19:11Core Viewpoint - The announcement details the completion of the initial grant registration for the 2025 A-share stock option incentive plan by Shanghai Junshi Biosciences Co., Ltd, which includes the approval process and the specifics of the stock options granted to employees [2][5][16]. Group 1: Decision-Making Process and Disclosure - The company held its fourth board meeting on September 29, 2025, to approve the initial grant of stock options under the incentive plan [2]. - The plan was publicly disclosed on September 3, 2025, following the board and supervisory committee's review [3]. - A 10-day public notice period was conducted, during which no objections were raised regarding the proposed incentive recipients [3]. Group 2: Stock Option Details - The total number of stock options granted is 24.7 million, distributed among 226 individuals [5][10]. - The initial grant date is set for September 29, 2025, with an exercise price of 46.67 yuan per share [10]. - The options will be valid for a maximum of 48 months from the grant date [7]. Group 3: Waiting Period and Exercise Conditions - The waiting period for the stock options varies, with some options becoming exercisable after 12 months and others after 24 months [8]. - Specific conditions restrict exercising options during certain periods, such as before the announcement of financial reports [9]. Group 4: Financial Impact and Valuation - The fair value of the stock options was calculated using a binomial model, with the underlying stock price at 41.09 yuan per share on the grant date [17]. - The estimated cost of the stock options will be recognized as an expense over the vesting period, impacting the company's financial results [18][19]. Group 5: Consistency with Previous Approvals - The actual number of stock options granted was adjusted due to 9 individuals forfeiting a total of 450,000 options, resulting in 24.7 million options being granted to 226 individuals [19].