Jinjiang Hotels to cancel restricted shares after incentive plan setback

Shanghai Jin Jiang International Hotels Development announced it will proceed with the cancellation of 2,625,259 restricted shares on July 10, 2025. This action follows the failure to meet company performance targets for the first vesting period of its 2024 equity incentive plan, leading to the repurchase and cancellation of 2,413,696 shares initially granted. Additionally, 182,688 shares will be repurchased due to the departure of eight incentive recipients. Finally, 28,875 shares will be repurchased following the role change of one recipient. The cancellation impacts 142 incentive recipients, reducing the company's restricted shares to 3,408,981. The company has completed necessary procedures and notified creditors, with legal counsel affirming compliance with relevant regulations. This move will result in a minor adjustment to the company's share structure.