Great Wall Motor to buy back, cancel restricted shares

Great Wall Motor Company (SSE:601633) announced it will repurchase and cancel 1,585,564 restricted shares initially granted under its 2023 restricted stock incentive plan. The decision, approved by the board on February 14, 2025, is due to some employees leaving the company, being transferred to other positions, being demoted, and failing to meet individual performance targets. The repurchase price is set at RMB 13.31 per share, plus interest. The cancelled shares represent approximately 3.57% of the company's total restricted A-shares and roughly 0.02% of its total share capital as of February 13, 2025. Great Wall Motor has notified creditors, who can claim their rights within 45 days. The company said the repurchase and cancellation will not impact its listing status or the continued implementation of the 2023 incentive plan.