Changbao Steeltube's 2023 employee stock plan: Second lock-up period ends

Jiangsu Changbao Steeltube Co., Ltd. announced the expiration of the second lock-up period for its 2023 employee stock ownership plan (ESOP) on September 5, 2025. The plan, approved in July 2023, involved 7,580,000 company shares transferred to the ESOP special account on September 5, 2023, at a price of 3.81 yuan per share, representing 0.85% of the company's total share capital at that time.

The ESOP stipulates a 72-month duration, with shares unlocking in three tranches over 12, 24, and 36 months. The second unlocking tranche, which corresponds to the 2024 assessment year, allows for 30% of the ESOP shares to be unlocked. Following the achievement of company-level performance targets, a total of 2,274,000 shares are eligible for unlocking, constituting 0.2524% of the company’s total share capital.

The ESOP management committee is authorized to dispose of the unlocked shares in accordance with the plan's regulations. The company confirmed it will continue to monitor the plan's implementation and adhere to relevant disclosure requirements.