Ningbo Xusheng unveils 2025 employee stock ownership plan

Ningbo Xusheng Auto Technology Co., Ltd. announced the approval of its 2025 Employee Stock Ownership Plan (ESOP) and related management measures. The ESOP, approved by the board on November 26, 2025, aims to foster long-term incentives and improve corporate governance.

The plan will allow employees to acquire up to 4.9 million A-share ordinary shares from the company's repurchased stock, representing approximately 0.42% of the total share capital. The purchase price for these shares is set at 7.06 yuan per share. Employee self-financing for the plan will not exceed 34,594,000 yuan.

The ESOP has a 60-month duration, with shares unlocking in three phases over 12, 24, and 36 months, at ratios of 30%, 30%, and 40% respectively. This unlocking is contingent on company and individual performance targets for fiscal years 2026-2028. The board also proposed granting authority to handle all aspects of the ESOP and scheduled a third extraordinary general meeting for 2025 to seek shareholder approval.