Tinci Materials delays key battery project, adjusts employee share plans

Guangzhou Tinci Materials Technology Co., Ltd. has announced a delay for its 41,000-ton lithium-ion battery material project (Phase I), extending its completion from December 31, 2025, to July 31, 2026. This decision, supported by China International Capital Corporation Limited (CICC), follows an upgrade in production processes, requiring new environmental and safety approvals, and accounting for long equipment procurement lead times. The total investment for this project remains unchanged at CNY 93,485.15m, with a planned fundraising allocation of CNY 83,444.28m, of which CNY 8,223.47m has been invested to date.

Concurrently, the company is adjusting its 2024 stock option incentive plan and employee stock ownership plan. The exercise price for stock options has been adjusted from CNY 16.74 per share to CNY 16.64 per share. Additionally, the transfer price for the reserved portion of the 2024 employee stock ownership plan has been lowered from CNY 11.16 per share to CNY 11.06 per share. The company will grant 1.55m stock options to 313 eligible employees and allocate 134,000 shares from the reserved 610,000-share pool of the employee stock ownership plan to six qualified participants.

These adjustments were approved during the company's Sixth Board of Directors' Thirty-Ninth Meeting and Fourth Interim Shareholders' Meeting in December 2025. The company also confirmed the temporary use of idle raised funds, up to CNY 700m, to supplement working capital for a period not exceeding 12 months.