Yixin Group (02858) issued an announcement. The board of directors resolved to adopt the 2024 share plan and terminate the first share award plan to reflect the latest changes and requirements in Chapter 17 of the listing rules. The 2024 share plan will constitute a share plan funded by issuing new shares under Chapter 17 of the Listing Rules. According to section 17.02 (1) (a) of the listing rules, the adoption of the 2024 share plan must (among others) be approved by shareholders at the shareholders' meeting. The first share award scheme will be terminated pending the entry into force of the 2024 share plan.
On May 9, 2024, after the 2024 share plan comes into effect, the company proposed to grant a total of 117 million share options to the Chairman of the Board, Executive Director and CEO Mr. Zhang Xuan, in accordance with the 2024 share plan. This grant also requires approval by shareholders at the special shareholders' meeting before it can be realized; and to grant a total of 10 million share options to Mr. Jiang Dong, the executive director and co-president in accordance with the 2024 share plan.
On the same day, after the 2024 share plan comes into effect, the company proposed granting a total of 123 million share options to four other employee participants who are not directors, top executives or major shareholders (but 3 of them are senior company executives) under the 2024 share plan.