Zhejiang Jiuli plans first employee stock ownership scheme for 2025

Zhejiang Jiuli Hi-tech Metals Co. is set to implement its first employee stock ownership plan for 2025. The plan aims to establish long-term incentive and retention mechanisms for its workforce, including directors (excluding independent directors), senior management, and other key employees. The company has obtained approval from its remuneration and appraisal committee, along with the board of directors, for the proposed plan.

The employee stock ownership plan will have a duration of 60 months, with a 12-month lock-up period for acquired shares, commencing from the date of the last share transfer. Shares will be released in two tranches of 50% each, following the announcement of the 2026 and 2027 annual reports, subject to performance targets. The maximum total funding for the plan is not to exceed RMB 245,926,130, sourced from employees' legal compensation and other legally permitted avenues.

The plan will acquire shares from the company's repurchased stock accounts and other legally permissible sources. The total number of shares under the plan will not exceed 18,003,377 shares, representing 1.84% of the company's current total share capital of 977,170,720 shares. Individual employee holdings will not exceed 1% of the company's total share capital at the time of the plan's announcement. The plan requires further approval from the company's shareholders, where related parties will abstain from voting.