Dynagreen unveils share incentive scheme, adjusts convertible bond price

Dynagreen Environmental Protection Group Co. has announced the results of its first grant and reserved grant (first batch) under a restricted A share incentive scheme. On December 2, 2025, 188 incentive participants received 35,770,000 restricted A shares at a grant price of RMB2.95 per share. Additionally, a reserved grant of 1,360,000 restricted A shares was made to 3 participants at RMB3.56 per share.

The total number of shares granted under both the first grant and reserved grant (first batch) is 37,130,000, bringing the company's total shares from 1,393,454,350 to 1,430,584,350. This change reduces the controlling shareholder's stake from 44.42% to 43.27%, though Beijing SASAC remains the controlling shareholder.

In connection with the implementation of the restricted A share incentive scheme, the company will adjust the conversion price of its A share convertible corporate bonds. The conversion price will decrease from RMB9.05 per share to RMB8.89 per share, effective December 26, 2025. Conversion of Dynagreen Convertible Bonds will be suspended on December 25, 2025, and resume on December 26, 2025.

The incentive scheme includes unlocking periods from 2026 to 2028, with performance appraisal targets at both company and individual levels for unlocking ratios of 33%, 33%, and 34% respectively. Total expenses expected to be amortised from 2025 to 2029 for these grants amount to RMB14,694.78.