Great Wall Motor to cancel 3.13m restricted shares

Great Wall Motor (SSE:601633) announced the implementation of the repurchase and cancellation of 3,133,564 restricted shares initially granted under its 2023 restricted stock incentive plan. This action is attributed to several factors affecting participating employees, including 19 employees leaving the company before the vesting period, resulting in the cancellation of 1,548,000 shares. Additionally, 3 employees’ departure or role adjustments led to the repurchase and cancellation of 51,000 shares. Further, 25 employees were demoted, leading to the cancellation of 49,004 shares. Finally, the company cancelled 128,000 shares due to 4 employees receiving a "D" or "E" grade in their 2024 performance review and cancelled 1,357,560 shares from 344 employees because they achieved "C" grades.