Sineng Electric cancels unvested shares, approves third vesting tranche

Sineng Electric (SZSE:300827) announced the cancellation of 60,033 unvested restricted shares from its 2022 incentive plan. This decision, approved by the board of directors and remuneration and assessment committee on September 19, 2025, primarily affects four employees who left the company and one whose performance review resulted in a 50% forfeiture of their shares. The total number of unvested restricted shares for the third vesting period has been adjusted to 1,879,637 shares following the cancellation.

Concurrently, Sineng Electric announced that the vesting conditions for the third vesting period of its 2022 Restricted Stock Incentive Plan's initial grant have been met. A total of 1,879,637 restricted shares, representing 0.3742% of the company's total share capital, will be vested at an adjusted price of 16.91 yuan per share for 141 eligible incentive recipients. These shares will be sourced from the company's A-share ordinary shares.

The company's 2024 operating revenue reached 4,773,403,837.15 yuan, a 336.98% increase over 2021, fulfilling the company-level performance target. The vesting period commenced on September 13, 2022, and the third vesting period spans from September 14, 2025, to September 13, 2026.