SC New Energy concludes 2019 employee stock plan, liquidates all shares

Shenzhen SC New Energy Technology Corp (SZSE:300724) announced the completion of its 2019 employee stock ownership plan, with all 683,200 shares held by the plan now sold. These shares, representing 0.20% of its current total share capital, were disposed of through competitive bidding on the secondary market. The total acquisition cost for these shares was RMB 50,972,257.98, with an average price of approximately RMB 74.61 per share. The company affirmed that it adhered to market trading rules and regulations concerning insider trading during the sale period.

The plan, initially approved in late 2019, acquired the shares by June 16, 2020. It underwent two extensions, first to June 16, 2025, and then again to June 16, 2027. The first vesting period for 40% of the shares matured on June 17, 2021, followed by two subsequent 30% vesting periods on June 17, 2022, and June 19, 2023, respectively.

With all shares sold, the 2019 employee stock ownership plan’s assets are now entirely in cash. The company will proceed with the liquidation of these assets and distribute them according to each participant’s holdings, after which the plan will officially terminate.