Stock Abbreviation: Hainan Strait Shipping Stock Code: 002320 Announcement Number: 2026-21
Announcement on Failure to Meet Exercise Conditions for Second Tranche of 2022 Stock Options and Cancellation of Some Stock Options
The Company and all members of its Board of Directors guarantee the truthfulness, accuracy, and completeness of the information disclosed in this announcement and will bear legal responsibility for any false representations, misleading statements, or material omissions therein.
Hainan Strait Shipping Co., Ltd. (hereinafter referred to as the "Company" or "this Company") announces that the exercise conditions for the second exercise period of the stock options under the "2022 Stock Option Incentive Plan (Revised Draft)" (hereinafter referred to as the "Incentive Plan" or the "Plan") have not been met. On April 27, 2026, the Company held the twenty-second meeting of the Eighth Board of Directors, which deliberated and approved the "Proposal on the Failure to Meet Exercise Conditions for the Second Tranche of the 2022 Stock Options and the Cancellation of Some Stock Options." The relevant matters are hereby announced as follows:
I. Relevant Approval Procedures Completed for the Incentive Plan
(I) On September 23, 2022, the Company held the eleventh extraordinary meeting of the Seventh Board of Directors, which deliberated and approved the "Proposal on the Company's '2022 Stock Option Incentive Plan (Draft)' and its Summary," the "Proposal on the Company's '2022 Stock Option Incentive Plan Performance Assessment and Management Measures'," the "Proposal on the Company's '2022 Stock Option Incentive Plan Management Measures'," and the "Proposal to Authorize the Board of Directors to Handle Equity Incentive Matters." On the same day, the Company held the seventh extraordinary meeting of the Seventh Supervisory Board, which deliberated and approved the "Proposal on the Company's '2022 Stock Option Incentive Plan (Draft)' and its Summary," the "Proposal on the Company's '2022 Stock Option Incentive Plan Performance Assessment and Management Measures'," and the "Proposal on the Company's '2022 Stock Option Incentive Plan Management Measures'." The Company's independent directors issued independent opinions on whether the incentive plan is conducive to the Company's sustainable development and whether it harms the interests of the Company and all shareholders. The Supervisory Board issued its review opinion.