Desay SV adjusts stock plan, revises articles, announces related transactions

Desay SV Automotive approved adjustments to its 2021 restricted stock incentive plan, including a repurchase price change to 44.99 yuan per share and the cancellation of 33,340 restricted shares due to employee departures and performance shortfalls. The total share capital will decrease from 596,842,634 to 596,809,294 shares. Concurrently, the company announced the achievement of the third unlocking period for 1,609,316 restricted shares granted to 772 eligible employees.

The company's articles of association were revised to reflect the adjusted share capital and other corporate governance changes, including the removal of the supervisory board, with its functions transferred to the board's audit committee. Desay SV will also allocate up to 700 million yuan in guarantees for its subsidiaries in 2026, including Desay SV Automotive Europe GmbH and Chengdu Desay SV Automotive Co., Ltd., some of which have a debt-to-asset ratio exceeding 70%.

Additionally, Desay SV plans to implement a diversified employee stock ownership plan for its autonomous vehicle innovation business, involving the establishment of a new subsidiary with a registered capital of 100 million yuan. Desay SV will hold 70% equity, while three employee stock ownership platforms will collectively hold 30%, constituting a related party transaction. The company also forecasted daily related party transactions for 2026, totaling 2.876 billion yuan with its affiliates.