Great Wall Motor to cancel shares after employee departures

Great Wall Motor Company announced it will repurchase and cancel a total of 1,075,400 restricted shares from its 2023 Restricted Stock Incentive Plan. This action is due to 21 recipients departing the company before their restricted shares vested.

Specifically, 12 incentive recipients from the initial grant and 9 from the reserved grant have left, making them ineligible for the incentive plan. The company will repurchase 554,400 shares from the initial grant at a price of CNY 12.86 per share, and 521,000 shares from the reserved grant at CNY 12.29 per share, plus accrued interest.

Following the repurchase and cancellation, the company's total shares outstanding will decrease by 1,075,400, resulting in a new total of 8,557,871,194 shares. The cancellation is projected to be completed by September 16, 2025.