Wangsu adjusts stock plan, approves second vesting period

Wangsu Science & Technology announced adjustments to its 2023 restricted stock incentive plan, reducing the number of incentive recipients and cancelling a portion of granted but unvested Class II restricted shares. The company cancelled the incentive eligibility for 12 employees who left the company, along with 380,000 unvested Class II restricted shares. Additionally, 87,500 unvested Class II restricted shares for one incentive recipient were cancelled due to unmet individual performance targets for the second vesting period. In total, 467,500 Class II restricted shares were cancelled.

Following these adjustments, the number of incentive recipients for the second vesting period stands at 231, with 15,380,000 Class II restricted shares approved for vesting at a price of CNY 2.87 per share. These shares represent 0.6289% of the company’s total share capital. The company's board concluded that the conditions for the second vesting period have been met, citing the achievement of the 2023 and 2024 cumulative net profit target of at least CNY 6.1 bn, as well as individual performance requirements.

The vested shares will originate from the company's repurchased A-shares (1,662,790 shares) and A-shares issued directly to incentive recipients (13,717,210 shares). This adjustment is not expected to significantly impact the company's financial performance or operating results. The total share capital will increase to 2,459,449,777 shares post-vesting.