Weixing to launch sixth equity incentive plan, revise board structure

Zhejiang Weixing Industrial Development's board of directors approved its sixth equity incentive plan, its implementation and assessment measures, and proposed amendments to the articles of association. The plan, which is pending shareholder approval on October 15, 2025, involves granting 23 million restricted shares (20 million initially, 3 million reserved) to 197 key personnel, including directors, senior management, and core technical staff. The shares are priced at CNY 5.22 per share.

The incentive plan's effectiveness is contingent on the company's net profit growth, aiming for increases of 16.52% in 2026, 24.22% in 2027, and 33.84% in 2028. These targets are benchmarked against the average 2022-2024 net profit after deducting non-recurring gains and losses.

The company also seeks to revise the articles of association to reflect updated governance structures. Revisions include increasing the number of independent directors to three and adding a staff representative director, bringing the total board size to nine. The board also proposed that the audit committee's members and convener be elected by the board. These changes aim to enhance the company's competitiveness and ensure sustainable development, linking employee contributions directly to corporate performance.