Changbao Steeltube unlocks second tranche of restricted shares

Jiangsu Changbao Steeltube Co., Ltd. announced that the second unlocking period for its 2023 restricted stock incentive plan has been achieved. A total of 125 eligible incentive recipients will see 3,138,000 restricted shares released, representing 0.3483% of the company's current total share capital of 900,986,228 shares. These shares are scheduled to commence trading on September 22, 2025.

The board and supervisory committee confirmed that all conditions for the second unlocking period were met, including company-level performance targets and individual performance assessments. The company's cumulative net profit for 2023-2024 was CNY 1,417,244,146.29, exceeding the target of CNY 1.02 billion or CNY 13.846 billion in revenue. All 125 incentive recipients achieved "A/B" performance ratings in 2024.

The incentive plan's restricted period for the second tranche concluded on September 20, 2025, allowing for 30% of the granted restricted shares to be unlocked. This release will increase the company's unrestricted circulating shares by 3,138,000 shares, moving from 79.87% to 80.22% of total share capital, while restricted shares will decrease from 20.13% to 19.78%.