Shanghai Xiba cancels stock options after missed targets

Shanghai Xiba Technology (SSE:603200) announced the cancellation of 84.581 million stock options related to its 2021 stock option incentive plan after the company failed to meet pre-set performance targets for the third exercise period. The company's board approved the cancellation on February 13, 2025. The targets, based on 2023 financial results, required a 100% increase in either revenue or net profit compared to 2020 figures. However, 2023 revenue only increased by 2.14% and net profit by 11.90%. The cancellation includes 83.697 million options from the third exercise period and 0.884 million from the second. The company stated the cancellation will not materially impact its financial position or management stability.