Changchuan technology adjusts incentive plans, vests and cancels shares

Hangzhou Changchuan Technology Co., Ltd. announced adjustments to its 2024 restricted stock incentive plan, including a revised grant price of 15.84 yuan per share, down from 15.94 yuan due to a cash dividend of 0.1 yuan per share. The company confirmed that 485 employees are eligible to vest 2,614,360 restricted shares from the first vesting period of the 2024 plan, following the achievement of the 2024 operating revenue growth target of 105.15% against a 50% target. Certain restricted shares totaling 1,228,840 will be canceled due to employee departures, individual performance shortfalls, or voluntary relinquishment.

Concurrently, the company confirmed the vesting of 1,338,400 second-class restricted shares for 120 employees under the third vesting period of its 2022 restricted stock incentive plan, at a revised grant price of 24.77 yuan per share. This adjustment follows multiple dividend distributions and meets the 2024 operating revenue growth target of 140.96% against a 95% target. The aggregate outstanding shares will increase by 3,952,760 from both plans.

The total share capital will increase from 630,465,854 shares to 634,418,614 shares, impacting basic earnings per share and net asset value. All adjustments and vesting decisions comply with relevant regulations and the company's articles of association, having received the necessary approvals.