JCET Group's 2022 employee stock plan faces unlock expiry

Jiangsu Changjiang Electronics Technology Co., Ltd. (JCET Group) has announced that the third lock-up period for its 2022 employee stock ownership plan will expire on September 15, 2025. The plan, approved on April 29, 2022, involved the acquisition of 6,022,437 company shares, representing 0.34% of the total share capital, at an average transaction price of approximately CNY 24.67 per share.

The employee stock ownership plan has a total duration of 48 months, with unlock periods set at 12, 24, and 36 months from the date of completion of stock purchase announcements. The unlocking ratios for these periods were 35%, 35%, and 30% respectively.

However, due to JCET Group not achieving its 2024 performance assessment targets, all participants are currently unable to unlock their corresponding shareholdings for the 2024 performance year. Funds obtained from the sale of these shares after the lock-up period will be returned to the company, which will then reimburse participants their original contributions plus bank deposit interest. The plan will adhere to market trading rules and regulatory restrictions on share transactions.