On May 7, 2025, Smoore International Holdings Limited (HKEX: 6969) issued two announcements, declaring that it has granted stock awards and stock options to multiple key employees under the company's stock award plan and stock option plan, with an exercise price of HK$13.52 per share based on the closing price of the company's stock on the day of grant. The total amount of the award plan can reach HK$54.14 million.
The announcement stated that the company granted a total of 1,614,000 shares of bonus stock to 36 eligible participants (all of whom are employees of the group). The grant price for these bonus shares was zero, while the closing price of the company's stock on the day of grant was HK$13.52 per share.
The vesting period for these stock rewards is set between May 7, 2026 and May 7, 2029. The company stated that the number of shares granted to each recipient is based on their position, tenure, and performance evaluation results.
After this round of awards, according to the stock award plan, there are still 307,546,059 shares available for future grants.
In addition, on the same day, Smoore International also granted a total of 2,390,000 stock options to 13 eligible participants (all of whom are employees of the group) under the revised first public offering stock option plan.
The exercise price for these stock options is set at HK$13.52 per share. The options are valid for a period of 10 years from the date of issuance, expiring on May 6, 2035. The vesting period for the options is from May 7, 2026 to May 7, 2029, and the specific exercise periods for different batches of options vary, with the latest exercise date being May 6, 2035. Similar to stock awards, the number of stock options granted is tied to the individual's rank, tenure, and performance evaluation results.
After this equity purchase, a total of 554,727,627 shares will be available for future grants based on the authorized limit of the equity purchase plan.
The company emphasized that the issuance of stock awards and stock options in this round must be accepted by the recipients before they can take effect, and are subject to clawback provisions outlined in each respective plan. Specifically, if the recipients terminate their employment, any unvested stock awards and stock options will be forfeited. The company's board of directors believes that these incentive measures will help boost employee motivation and cohesion, ultimately fostering continuous growth and value creation for the company.
According to the listing rules, the issuance does not require approval from the company's shareholders. The company also confirms that the recipients of the issuance are not directors, senior executives, major shareholders, or their affiliates.
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