Jinggong Technology's employee stock plan misses first unlocking target

Zhejiang Jinggong Science & Technology Co., Ltd. announced that the first lock-up period for its 2024 employee stock ownership plan, which expired on November 7, 2025, has not met its unlocking conditions. The company's 2024 annual performance results did not achieve the required company-level performance assessment target. Specifically, the non-recurring net profit attributable to shareholders was RMB 129,150,057.17, falling short of the RMB 184 million target. As a result, zero shares from the first tranche will be unlocked.

The plan's shares were transferred on November 6, 2024, at a price of RMB 7.88 per share, totaling 7,390,000 shares, which represents 1.42% of the company's total share capital. The 48-month plan is structured with three unlocking periods (12, 24, and 36 months after the last share transfer), with 32%, 30%, and 38% of the shares intended for unlock, respectively.

According to the plan's regulations, any unexercised rights from the first assessment period will be deferred to the second and potentially third assessment periods. If performance targets remain unmet after the third period, the rights will be forfeited, and the shares will be repurchased by the management committee, with the original investment amount returned to participants.