Core Viewpoint - Changfeng Pharmaceutical (02652) has announced a proposal to adopt a H-share incentive trust plan on November 12, 2025, aimed at aligning the interests of employees, management, and shareholders, while attracting, retaining, and incentivizing key talents to drive the company's sustainable development and long-term success [1] Group 1 - The H-share incentive plan is designed to align the interests of employees, management, and shareholders [1] - The plan aims to attract, retain, and incentivize key talents within the company [1] - The initiative is expected to contribute to the company's sustainable development and long-term success [1]

Core Points - The controlling shareholder, Mingde Holdings, has completed the transfer of 200 million A-shares to the "Common Growth" shareholding plan, accounting for 4% of the total share capital, with a fair value of approximately 74.142 billion yuan [1] - The shareholding ratio of Mingde Holdings and its concerted party, Shenzhen Weishun, decreased from 53.39% to 48.85%, while Mingde Holdings' individual holding dropped from 51.38% to 46.87% [1] - The changes in shareholding do not affect the controlling shareholder's status or the company's control [1] Shareholding Changes - The increase in stock options exercised amounted to 6.505 million shares [1] - The H-shares placement added 70 million shares [1] - The cancellation of repurchased A-shares accounted for 23.27 million shares [1] - The exchangeable bonds conversion reduced shares by 7,020 [1] - The transfer of shares to the shareholding plan by the controlling shareholder is part of the employee incentive plan [1] Impact Assessment - The changes will not lead to alterations in the controlling shareholder or actual controller [1] - There will be no impact on the company's governance structure or ongoing operations [1] - The adjustments are aligned with the implementation of the employee incentive plan [1]