According to Zhitong Finance App News, Meitu (01357) issued an announcement. Regarding the amendments to Chapter 17 of the listing rules effective on January 1, 2023, the Hong Kong Stock Exchange Limited requires listed issuers to revise the relevant share plan terms which existed on January 1, 2023 before updating the plan's authorization limit to comply with the revised Chapter 17. Accordingly, the Board recommended the adoption of a new share award scheme, the terms of which would be in line with the provisions of Chapter 17 of the revised Listing Rules.
The 2024 share award scheme is intended to replace the existing share award scheme adopted by the company on November 25, 2016 and allow the company to award bonus shares to selected eligible persons as an incentive or reward for their contribution or potential contribution to the Group's development and long-term growth and to attract and retain talent.
The 2024 share award plan can only be implemented until the shareholders pass an ordinary resolution at the company's shareholders' meeting and the Stock Exchange Listing Committee approves all award shares that the company may allocate and issue under the 2024 share award plan to be listed and traded on the Stock Exchange. For the avoidance of doubt, the existing share award program will not be terminated due to the adoption of the 2024 share award plan, but the company will not grant further share rewards based on the existing share award plan after adopting the 2024 share award plan with shareholders' approval at the annual shareholders' meeting.
In addition to the existing share award scheme, the company also adopted an initial public offering after-sales share option scheme on November 25, 2016, which is valid and effective for a period of ten years from the date of adoption. No share options have been granted or agreed to be granted under the initial public offering after-sales share option scheme, and the board of directors currently has no intention of granting any share options under the initial public offering after-sales share option scheme. In view of the amendments to Chapter 17 of the Listing Rules and due to the fact that the upper limit of plan authorization must apply to all of the company's share plans, the Company intends to terminate the initial public offering after-sales share option plan after adopting the 2024 share award plan. After termination, no other share options will be offered for sale or granted under the initial public offering after-sales share option plan. However, the provisions of the initial public offering after-sales share option plan will remain in full effect, subject to the effective exercise of any share options granted before termination. The Company may later propose to adopt a new share option plan when it deems appropriate in accordance with the provisions of Chapter 17 of the Listing Rules.