Smoore launches equity incentive plan with a target market value of HK$500 billion; opening price on December 30 increased by more than 15%

Smoore launches equity incentive plan with a target market value of HK$500 billion; opening price on December 30 increased by more than 15%

Smoore recently issued an announcement, announcing that the company's board of directors has conditionally granted a total of 61,000,000 stock options to Mr. Chen Zhiping, chairman of the board and executive director of the company, in accordance with the post-IPO stock option plan. After opening on December 30, Smoore opened more than 15% higher. As of press time, it rose 15.63% to HK$13.02.

On December 27, 2024, Smoore International Holdings Limited (hereinafter referred to as "Smoore" or "the Company") (stock code: 6969.HK) issued an announcement announcing that the company's board of directors has conditionally granted a total of 61,000,000 stock options to Mr. Chen Zhiping, chairman of the board and executive director of the company, in accordance with the post-IPO stock option plan. The announcement stated that it is appropriate to provide long-term equity incentives to Mr. Chen, a member of the core management team, to more closely combine his interests with the long-term interests of shareholders.

According to the announcement, the key contents of this stock option include the following:

Exercise price: HK$11.26 per share, which is the closing price of the shares on the grant date, which is significantly higher than the average closing price of HK$10.35 in the previous five trading days.

Vesting conditions: The stock options will be vested in batches after the company's market value reaches the interim target:

30% of the stock options will be vested if the market value reaches or exceeds HK$300 billion for the first time for 15 consecutive trading days;

60% of the stock options will be vested if the market value reaches HK$400 billion;

All stock options will be vested if the market value reaches HK$500 billion.

The announcement pointed out that if the above goals are not achieved before December 31, 2030, the relevant stock options will expire.

At the opening on December 30 (Monday), Smoore International (06969) opened more than 15% higher. As of press time (10:30 am on December 30), it rose 15.63% to HK$13.02.

Stock price increase｜Source: Xueqiu