Neway Valve's second employee stock plan concludes early

Suzhou Neway Valve Co., Ltd. announced today that its second phase employee stock ownership plan has successfully sold all 6,212,654 shares of company stock. This action marks the completion and termination of the plan, initiated after approvals on August 9 and August 28, 2019, by the company's fourth board of directors and the 2019 second extraordinary general meeting of shareholders, respectively. The shares were sourced from the company's repurchased A-shares on the open market.

The company completed the transfer of shares to the employee stock ownership plan's dedicated account in three tranches on September 23, 2019, May 22, 2020, and June 17, 2021. Although the plan's original tenure was set to expire on December 16, 2024, an extension to December 16, 2026, was approved at a meeting on February 14, 2025. However, all shares have been sold prior to this extended deadline.

Neway Valve confirmed strict adherence to market trading rules and regulations concerning insider trading throughout the plan's implementation. Following the complete divestiture, the company will proceed with the liquidation and distribution of assets as per the plan's regulations.