Wuxi Smart Auto-Control completes sale of employee stock plan

Wuxi Smart Auto-Control Engineering (SZSE:002877) announced the complete sale of its first employee stock ownership plan. The plan, holding 1,762,000 shares, representing 0.50% of the company's total share capital, was fully divested through centralized bidding on the secondary market. The shares were originally acquired through a company buyback program between April 10, 2020, and January 11, 2021. The employee stock ownership plan was initiated in January 2021, with shares transferred in July 2021 and a vesting schedule spanning three years. Now completed, the company states that the employee stock ownership plan complied with all regulations and will proceed with asset liquidation and distribution as outlined in the original plan. The board of directors approved the announcement February 11, 2025.