Zangge Holding's first employee stock ownership plan concludes

Zangge Holding Co., Ltd. (SZSE:000408) announced the conclusion and termination of its first employee stock ownership plan. The plan, which held 26,574,228 shares of the company, has completed the sale of all its shares through centralized bidding transactions. The company initiated the plan following approval at board and shareholder meetings in June 2021, transferring 26,574,228 shares from a stock repurchase account to the employee stock ownership plan in July 2021. Unlocking of the shares occurred in tranches of 40%, 30%, and 30% on July 29th in 2022, 2023, and 2024 respectively. From July 25, 2023, to May 19, 2025, the plan sold off all of its holdings. The company has committed to settling and distributing assets in accordance with the plan's guidelines.