Shenzhen Soling Industrial Co., Ltd.
Announcement on the Fulfillment of Conditions for the First Vesting Period of Restricted Shares and the First Exercise Period of Stock Options for the First Tranche of the 2023 Incentive Plan
The company and all members of the Board of Directors guarantee that the content of the information disclosure is true, accurate, and complete, and that there are no false records, misleading statements, or major omissions.
Key Information Highlights:
- A total of 5 individuals meet the conditions for vesting of restricted shares, and 5 individuals meet the conditions for exercising stock options. The total number of individuals eligible for vesting or exercise is 10.
- The number of restricted shares eligible for vesting is 435,000 shares.
- The number of stock options eligible for exercise is 151,250 units, with an exercise price of RMB 5.19 per unit.
- The exercise and vesting of these shares and options are subject to the completion of relevant procedures with the relevant authorities. The company will issue a separate announcement to remind investors.
Shenzhen Soling Industrial Co., Ltd. (hereinafter referred to as the "Company") held its Second Meeting of the Sixth Board of Directors on March 20, 2026, and deliberated and approved the "Proposal on the Fulfillment of Conditions for the First Vesting Period of Restricted Shares and the First Exercise Period of Stock Options for the First Tranche of the 2023 Incentive Plan." The relevant matters are hereby explained as follows:
I. Brief Overview of the Equity Incentive Plan and Approval Procedures Completed
(I) Brief Overview of the Company's Equity Incentive Plan
On November 7, 2023, the Company convened its Third Extraordinary General Meeting of Shareholders in 2023, which deliberated and approved the "Proposal on the <Company's 2023 Restricted Stock and Stock Option Incentive Plan (Draft)> and its Summary," among other related proposals. The main contents of this incentive plan are as follows:
- Type of underlying shares: Company's A ordinary shares.
- Incentive tools: Restricted shares and stock options.
- Source of underlying shares: The source of shares for this incentive plan is the Company's A ordinary shares issued to the incentive recipients on a targeted basis.
- Incentive recipients: The total number of incentive recipients for the initial grant of this incentive plan shall not exceed 25 people, consisting of core management personnel and core technical (business) backbones employed by the Company (including its holding subsidiaries, branches, etc.) as of the announcement date of this incentive plan.
- Allocation of awarded equity among incentive recipients under this incentive plan: (1) Restricted Shares The Company plans to grant 8,550,000 restricted shares to incentive recipients in the initial grant, accounting for approximately 1.01% of the Company's total share capital of 849,277,800 shares as of the announcement date of the incentive plan draft. The allocation of restricted shares for the initial grant among incentive recipients is as follows:
| Incentive Recipient Category | Number of Restricted Shares Granted (10,000 shares) | Proportion of Total Equity to be Granted under the Incentive Plan | Proportion of Total Share Capital as of the Announcement Date of the Incentive Plan Draft |
|---|---|---|---|
| Core Management and Technical (Business) Backbones (17 individuals) | 855.00 | 65.77% | 1.01% |
| Total for Initial Grant | 855.00 | 65.77% | 1.01% |