Zhejiang Jingsheng concludes 2022 employee stock ownership plan

Zhejiang Jingsheng Mechanical & Electrical Co., Ltd. has finalized its 2022 employee stock ownership plan, with all unblocked shares recently disposed of. The plan, initially approved by the board on August 26, 2022, and by shareholders on September 14, 2022, involved the transfer of company shares to a dedicated account on November 14, 2022.

The company's fifth board of directors and fifth board of supervisors approved the distribution of reserved shares on September 28, 2023. The first lock-up period ended, and the plan's conditions for unlocking were met, as resolved by the board and supervisory board on December 6, 2023. The plan was prematurely terminated on June 28, 2024, as per authorization granted at the 2022 second extraordinary general meeting.

A total of 806,000 unblocked shares were disposed of, with 509,500 shares transferred to participant accounts and 296,500 shares sold through centralized bidding. Jingsheng Mechanical & Electrical affirmed its strict adherence to market trading rules and insider trading regulations throughout the plan's execution, ensuring no use of inside information. The company will now proceed with asset liquidation and profit distribution.