On March 8, Ge Longhui | INTL GENIUS (00033.HK) issued an announcement. The board of directors proposed an update to the existing general mandate for directors to allocate, issue and process new shares accounting for up to 20% of the company's issued share capital on the day the special shareholders' meeting passed the relevant resolution.
As the amendments to Chapter 17 of the Listing Rules came into effect on January 1, 2023, the directors believe that adopting the new share option plan (which will be valid for 10 years from the date of adoption) will provide the company with greater flexibility in granting long-term plans to eligible participants and provide appropriate incentives and/or rewards to suitable and eligible persons for their contributions or potential contributions to the Group.
The board of directors intends to propose a reduction in the company's share premium to shareholders at the special shareholders' meeting in accordance with the applicable laws of the Cayman Islands and the company's articles of association.