Smoore Launches Equity Incentive Plan Targeting HKD 500 Billion Market Value, Shares Surge Over 15% on December 30th Opening

Business by 2FIRSTS
Dec.30.2024
Smoore Launches Equity Incentive Plan Targeting HKD 500 Billion Market Value, Shares Surge Over 15% on December 30th Opening
Smoore International announces conditional issuance of 61 million stock options to chairman Chen Zhiping, aiming for long-term alignment with shareholders.

On December 27, 2024, Smoore International Holdings Limited (hereinafter referred to as "Smoore" or the "Company") (stock code: 6969.HK) issued an announcement declaring that the company's board of directors had conditionally granted a total of 61,000,000 share options according to the post-initial public offering share option plan to the Chairman and Executive Director of the Board, Mr. Chen Shiping. The announcement stated that providing long-term equity incentives to Mr. Chen as a core member of the management team is appropriate and can align his interests more closely with the long-term interests of shareholders.

 

According to the announcement, the key contents of this stock purchase include the following parts:

 

Exercise price: HK$11.26 per share, which is the closing price of the shares on the date of issuance, at a significant premium compared to the average closing price of HK$10.35 per share over the previous five trading days.

 

Ownership conditions: The shares will be attributed in batches after the company's market value reaches certain milestones.

 

  • For 15 consecutive trading days, the market value reached or exceeded 300 billion Hong Kong dollars, 30% of which will be attributed; 
  • Reaching 400 billion Hong Kong dollars will result in 60% attribution; 
  • Reaching 500 billion Hong Kong dollars will result in all stock rights being attributed.

 

The announcement stated that if the above-mentioned goals are not achieved by December 31, 2030, the related stock options will expire.

 

On Monday, December 30th, at the opening bell, Smoore International (06969) surged more than 15%. As of the time of writing at 10:30 am on December 30th, the stock had risen by 15.63%, trading at 13.02 Hong Kong dollars.

 

Smoore Launches Equity Incentive Plan Targeting HKD 500 Billion Market Value, Shares Surge Over 15% on December 30th Opening
Stock price increase|Image Source: Xueqiu

 

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