Employee Stock Plan Concludes for Zhenghai Magnetic Materials

Yantai Zhenghai Magnetic Materials Company (300224) announced the full sale of shares and termination of its first employee stock ownership plan. The plan, approved in late 2020, acquired 20,000,079 company shares through a non-trade transfer on November 19, 2020.

The plan's third and final unlock of 10,000,040 shares has been completely sold through centralized bidding. The initial lock-up period was 36 months, with shares unlocking in three tranches: 20%, 30%, and 50%. The plan's duration was extended by 12 months to November 19, 2025. All proceeds are now in monetary form, and the company will proceed with asset liquidation and distribution as per regulations.