China Express Airlines' 2024 employee stock plan nears first unlock

China Express Airlines announced that the first lock-up period for its 2024 employee stock ownership plan will expire on November 11, 2025. The plan, approved by the board of directors and shareholders in September and October 2024, utilized 4,630,299 company shares from a dedicated repurchase account, representing 0.3622% of the total share capital at the time of transfer. The shares were transferred at a price of 2.82 yuan per share.

The company's performance during the first unlock period was assessed based on 2024 operating revenue, which reached 6,695,600,043.05 yuan, exceeding the trigger value of 60.40 billion yuan and achieving 94.30% of the target value of 71.00 billion yuan. Consequently, the company-level unlocking ratio for the first period is 94.30%. Including individual performance assessments, which saw most participants achieve a 100% unlocking ratio, the plan will see 49 participants eligible to unlock 2,169,138 shares, equivalent to 0.17% of the company’s current total share capital. One participant’s shares will be handled according to the plan's provisions due to departure.

Following the expiration of the lock-up period, the management committee will determine the method for disposing of the shares, which may include distribution to individual accounts or sale. China Express Airlines will continue to monitor the plan's progress and ensure compliance with relevant regulations.